1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
spayn [35]
3 years ago
15

Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of wh

y or why not.
Scenario

1-There are hundreds of colleges that serve millions of students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs.
Business
1 answer:
Oliga [24]3 years ago
3 0

Answer:

Yes the scenario describes a competitive market

Explanation:

There are 3 factors of a competitive market that stands out in the given scenario which are:

1. Many Buyers and Sellers: In the given scenario it mentions clearly that ''There are hundreds of colleges that serve millions of students each year''. Hence it is very clear that the buyers which are (in this scenario) the students, and the sellers who are the (in this scenario) the colleges; are many.

2. Perfect Information: A competitive market is characterized by the availability of information about the products in offer. In the given scenario, it suggests clearly that the availability of information ''allows students with diverse preferences to find schools that match their needs''. This could not have been possible if the students did not have perfect information about the colleges.

3. Identical products: Another feature of a competitive market is the availability of identical products. In the given scenario, it states clearly that ''The colleges vary by location, size, and educational quality''. Other than these features the colleges are offering basically the same product which is education.

You might be interested in
If you were advising which actions a company should take to perform value chain activities more cost effectively, you would not
Shalnov [3]

Answer: redesign its products to eliminate those features that might have market appeal, but would excessively increase production costs.

Explanation:

The main aim of every organization are typically cost minimization and profit maximization. If I wanted to advise a company on the kind of actions to take to perform value chain activities more cost effectively, I'll tell them to improve their supply chain efficiency as well as use economies of scale and effective utilization of its resources.

Therefore, redesigning its products to eliminate those features that might have market appeal, but would excessively increase production costs is wrong as this will only lead to increase in cost.

4 0
3 years ago
The two biggest drawbacks or disadvantages of unrelated diversification are:___________.
lapo4ka [179]

Answer:

c. demanding managerial requirements and limited competitive advantage potential that cross-business strategic fit provides.

Explanation:

An unrelated diversification can be defined as a situation in which an existing business or company enters or invest in an entirely new business or industry that do not have any similarity whatsoever with its original business or product line. For example, an automobile manufacturing company that decides to acquire or invest in a clothing or shoe business.

Hence, the two biggest drawbacks or disadvantages of unrelated diversification are demanding managerial requirements and limited competitive advantage potential that cross-business strategic fit provides.

Also, the difficulties in successfully managing a collection of unrelated different business and having minimal competitive advantage potential over its rivals in the industry that cross-business strategic fit provides is another disadvantage of unrelated diversification

3 0
3 years ago
Business can handle risks through which of the following
lana [24]

Answer:

offering a wide range of products

Explanation:

5 0
3 years ago
Read 2 more answers
Assume that the labor market for barbers is competitive and that it is differentiated into two groups:
ehidna [41]

Answer and Explanation:

I will go through each and every option explaining the reasons and what option would be the best:

The (a) part says 'difference in wages will eventually disappear since a haircut is a homogeneous good' - This is not true because even though it is an homogeneous product, some customers do have a strong preference for barbers who are not going bald. Therefore, they know their worth and they would want to capitalize on that and get paid just a bit more than bald barbers.

The (b) part says 'barbershops that hire barbers with hair will be able to charge a higher price for a haircut to those consumers who have a strong preference for barbers with hair'. - If the barbershop charges higher price for barbers that have hair then the customers will prefer bald barbers as the questions mentions that there is high competition and since it is an homogeneous, customers would be willing to save money and get their haircut from some other barber.

The (c) part says 'barbershops that hire bald barbers will always be much more profitable' - Not necessarily. The reason is that some customers have a strong preference for barbers who are not bald and therefore, that would help barbershops who have barbers with hair to be a bit more profitable as some additional customers would want their services.

The (d) part says 'barbershops that hire barbers with hair will always be much more profitable' - This is the best option and the reason for it is because some customers have a strong preference for barbers with hair and that would help the barbershop to earn more. They would have the customers who already indifferent to whoever cuts their hair and in addition to that, they would also have the customers who have their preference.

Hence the answer is D.

4 0
3 years ago
Patents are an example of which of the following?
Kitty [74]

Answer: Option (B) is correct.

Explanation:

Correct option:  limited-life intangible assets.

Patents are considered as a intangible assets. Patents are the intellectual property that a owner can use to exclude others from making, selling and coping technology but for a limited number of years.

In most of the nations patent rights fall under the civil law and if a person wants to take benefit of their patent right then he have to sue someone for infringing the patent to enforce his right.

6 0
3 years ago
Other questions:
  • The actual cost of direct materials is $ 12.50 per pound. The standard cost per pound is $ 9.00. During the current​ period, 9 c
    8·1 answer
  • "The first generation Apple iPod was introduced in 2001 and sold for $500. The following year a mini version was introduced for
    13·1 answer
  • Merone Company allocates materials handling cost to the company's two products using the below data: Modular Homes Prefab Barns
    6·1 answer
  • Как защитить себя от воздействующих факторов взрыва, если вы находитесь в зоне действия продуктов взрыва?
    15·1 answer
  • In a market economy the factors of production are allocated by
    11·1 answer
  • Dawn grew up helping her father work on cars in his auto repair shop and developed into an excellent auto technician. Because of
    14·1 answer
  • What is the ability to respond with little penalty in time, cost, or customer value?
    7·1 answer
  • What can a speaker do to ensure that they are respectful of their audience, especially when speaking to a skeptical audience or
    8·1 answer
  • Which of the following is not a characteristic of a leader
    6·2 answers
  • The economy's long-run AS curve assumes that wages and other resource prices _____. rev: 06_12_2018 Multiple Choice eventually r
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!