Answer:
One of the hardest challenges in product management is getting people aligned—especially if they have different reporting lines and objectives. Here it helps to remember that our job is not to have all the answers—but to ask the best questions.
Explanation:
Answer:
it is an easiest type of business to set up because it requires small capital to start but has many disadvantages such as bearing all the risks alone.etc
Answer:
e. Sunk cost.
Explanation:
As per the given statement, the best appropriate option is sunk cost. As the sunk cost deals with the past cost which is already incurred in the past and it cannot be changed or avoided, neither it can be recovered. Example - Rent expense.
Plus it does not affect the future decisions that means it is irrelevant for decision-making aspects.
Answer:
restricting the entry; trade restrictions; import tariffs; rent-seeking; monopoly
Explanation:
Monopolists want to maximize their profits by keeping the potential competitors out of the market. For restricting the entry of potential firms they adopt the practice of lobbying for trade restrictions which restrict entry. One such restriction is importing tariff which will reduce competition from foreign products. Such lobbying can be defined as a form of rent-seeking which means using political means to secure monopoly position.
