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3 years ago

name two different market structures describe how and why they each have a different competitive situation

2 answers:

8 0

Perfect Competition- many firms, freedom of entry, homogeneous product, normal profit
Monopoly- One firm dominates the market, barriers to entry, possibly supernormal profit.

Mkey [24]3 years ago

3 0

Economists suppose that there are various buyers and sellers in the marketplace which means that competition is everywhere in the market which in turn allowed price to change in reaction to changes in supply and demand. In Economics, there are some market structures that describes how each structure compete in a different competitive situation. Monopoly is one. Monopoly is one of the market structures whereby there is one producer or seller which means, the industry is the single business. This market structure prohibits others from joining the market when a company has a patent or copyright. Oligopoly is another market structure where there are chosen few firms that make up an industry. Both market structures have high barrier entries where competing markets for share are interdependent as the consequence of market forces.

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In 1991, the Barenaked Ladies released their hit song "if I had a Million Dollars." How much money would the group need in 2017

jeka57 [31]

Given:

Consumer price index in 1991 = 136.2

Consumer price index in 2017 = 244

One billion dollar in numbers = 1,000,000

To find:

Money required in 2017 to have the same amount of real purchasing power that they did in 1991.

Solution:

Assuming 1991 as base year and 2017 as target year,

The purchasing power during 1991-2017 is

$\Rightarrow\text { 1,000,000 } \times \frac{\text { CPI of target year }}{\text { CPI of base year }}$

$\Rightarrow \frac{244}{136.2}\times1,000,000$

$\Rightarrow 1.791483\times1,000,000$

$\Rightarrow 1,791,483.11 \approx 1,791,483$

Result:

In 2017, The Barenaked Ladies need $\bold{\$1,791,483}$ to have the same amount of real purchasing power that they did in 1991.

6 0

4 years ago

Suppose the consumer price index (CPI) stands at 240 this year. If the inflation rate is 5 percent, then next year's CPI will eq

denis23 [38]

Answer:

c. 252

Explanation:

Calculation of what the next year's CPI will equal

Using this formula

Next year's CPI=[Consumer price index (CPI) +(Consumer price index (CPI) *Inflation rate

Let plug in the formula

Next year's CPI=[240+(240*5%)]

Next year's CPI=240+12

Next year's CPI=252.

Therefore the next year's CPI will equal 252

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3 years ago

Many organizations find themselves in the position of being data rich and information poor. Even in today's electronic world, ma

mylen [45]

Answer: b

Explanation:

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Answer:

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Explanation:

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Bingel [31]

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3 years ago