Answer:
The correct answer to he following question is that demand curve is downward sloping, which is moving from left to right.
Explanation:
The demand curve slopes downward because of many reasons like -
1) diminishing marginal utility - according to which if as a consumer goes on consuming more and more units of product, then with each additional unit consumed the satisfaction level goes on decreasing.
2) Income effect - suppose if a persons income level increases he or she will buy more product, which means demand goes up and vice versa will also be true.
3) Substitution effect - As we know that there is inverse relation or negative cross price elasticity between substitute goods, so if price of good A increases then the Demand for good B increases.
Answer:
1. not a competitive market
2. not a competitive market
3. competitive market
4. not a perfectly competitive market
Explanation:
To answer this question, i will first start by explaining what a competitive market is and the assumption of a perfectly competitive market as well
A competitive market is a market that has many producers and buyers of a particular product. The producers are usually in a competition to meet up with the needs of the buyers.
some assumptions of the market:
- large sellers/producers
- identical or homogenous goods
- free entry
- no discrimination
- perfect knowledge
a. in this question this is not a competitive market. the reason is simple. It says that there are only two providers of internet. So there are no enough producers or sellers
b. The government has limited entry into this market by giving patent to only one pharmaceutical company.
c. yes this market is competitive since there are many producers of the product and the consumers regard the products as identical or homogenous. this meets with all of the assumptions of a perfectly competitive market.
d. the product here is not homogenous or identical as this is not a perfectly competitive market since buyers would prefer to buy the coffee that tastes better and leave that of the competitors
thank!
Answer: The value customer relationship over short term profits.
Explanation:
The home repairs men and building supply businesses place a high value on their relationship with customers and therefore try to support them in their period of challenge even if it comes at a cost of losing out on making a higher profit.
<span>Informative advertising educates audiences about a product, service or brand, which increases their awareness. This type of marketing helps companies reach new target demographic markets by appealing to their interest, creating memorable impressions and calling on potential customers them to take action to either learn more or make a purchase.</span>
