The right answer for the question that is being asked and shown above is that: "• set marketing objectives." The first step in the process of creating a marketing plan is to <span>set marketing objectives. The group must know the goals and objectives why they are making a business or something.</span>
Answer:
The price will be higher and output lower in absence of competition.
Explanation:
When the market does not have enough competition, it provides a certain degree of market power to the existing producers. They are able to regulate prices and output.
It is likely that the suppliers will provide a fewer quantities of goods at a higher price, in order to maximize their profits. The socially optimal level of output will not be produced in the market.
The resources will not be efficiently allocated and deadweight loss will exist.
Answer:
It is customary for a feeder fund to keep all client fees
Explanation:
Less popular open source products are not likely to attract the community of users and contributors necessary to help improve these products over time. This situation reiterates the belief that network effects are a key to success.
<h3>
What are Network Effects?</h3>
- The phenomenon known as the "network effect" describes how more individuals using a commodity or service results in a rise in value. An illustration of the network effect is the internet.
- Since the internet was first only useful to the military and a small number of researchers, there weren't many users.
- However, as more people had access to the internet, more material, information, and services were created by users.
- More people were drawn to connect and transact business with one another as a result of website development and enhancement. A network effect resulted from the internet offering more value as traffic increased.
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Answer:
Correctly ignored a sunk cost.
Explanation:
In economics a sunk cost is one that an individual has already paid for and cannot recover. For example when payment is made for rent it is no longer recoverable.
In this instance Eric has already bought a $50 ticket that is nonrefundable, nonexchangeable, and nontransferable. This is a sunk cost.
Eric wants to go to the concert with Ginny who he wanted to date for a long time.
He will correctly ignore the sunk cost of going to the play because any more time spent on the play will not help recover the $50 already spent.
