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REY [17]
3 years ago
11

As a consumer eats additional pieces of pizza, total utility will _____.

Business
1 answer:
lakkis [162]3 years ago
5 0
The answer is Law of Diminishing Marginal Utility.
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soldier1979 [14.2K]

Answer:

d

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.  

In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

Perfectly competitive market consists of a large number of firms, and each firm is small relative to the entire market. This makes firms unable to set the prices for their goods.

It is the monopoly and oligopoly market structure that is characterised by high entry and exit into the market

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During the 1990s, one of the dominant firms in the U.S. cigarette industry would raise prices once or twice a year by about 50 c
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This business is typically the one with the minimum cost of production, thus being able to outperform the prices charged by any rival who tries to set their prices below the price range of the market leader.

Rivals could increase prices than the cost leader, but this would likely lead to lower share of the market unless rivals were able to distinguish their goods adequately.

Hence from the above we can conclude that the given case depicts price leadership strategy.

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