Answer:
The correct answer is D. demand and the nature of the market.
Explanation:
External factors: Nature of the market and demand
The price-demand relationship varies in different market classes, and how the way the buyer perceives the price affects the pricing decision. 4 types of markets
.
- If there is pure competition: merchants in these markets do not devote much time to marketing strategy. There is no charge for the products. It is standardized.
- In monopolistic competition: it is within a price range, it can vary by quality, or the services that accompany it.
- In oligopolistic competition: they can be uniform products or not, they are constantly watched over the competition. If prices rise, buyers will quickly change them as a supplier. There are few vendors and it costs others to enter.
- In a pure monopoly: a market formed by a single supplier, unregulated monopolies have the freedom to set their prices, however they do not take advantage of them for several reasons, not to attract competition, fear of regulation and to penetrate the market.
- Demand curve: curve that shows the number of units that the market will buy in a specific period at the different prices that could be charged.
- Price elasticity: Measurement of the sensitivity of demand between changes in the price. It is obtained with the following formula: Elasticity of demand with respect to price = percentage of change in the amount of demand Percentage of change in price
It is known as "World Intellectual Property Organization".
In 1967 the World Intellectual Property Organization was created to encourage and protect intellectual properties. It is also part of United Nation's seventeen specialized agencies. Though it was started with 183 members, overtime the number increased and as of 2016 it had 189 members with headquarters in Switzerland.
Answer:
1. False
2. False
3. True
4. True
Explanation:
<em>1. Taxing food will generate a large amount of deadweight loss because people aren't very price sensitive in this market: </em><em>FALSE</em>
When people are not price sensitive to a product, it means that it is price inelastic. In this case, the demand is inelastic which is why the deadweight loss would be less as explained in part 3.
<em>2. Taxing food won't generate any tax revenue because consumers will just start growing their own food on farms: </em><em>FALSE</em>
It is unlikely that people will grow their own food due to many constraints such as the time and energy required, the availability of land space and the skills needed to grow own food. Especially since food is an essential and has an inelastic demand, taxes on food would generate revenue.
<em>3. Taxing food is less inefficient than taxing other things because there won't be too much deadweight loss: </em><em>TRUE</em>
Food has an inelastic demand because it is a basic necessity of life. Due to this reason, the demand curve has a steep slope. Thus, even when there is a tax imposed causing a price increase, producer and consumer surplus will not reduce dramatically which means that there would be a small deadweight loss.
<em>4. Taxing food is a bad way to raise revenue from an equity standpoint because poorer people spend a higher proportion of their income on food: </em><em>TRUE</em>
When poorer people spend a high proportion of income on food, most of their disposable income would be used to satisfy a basic need as food. Hence, they would have little remaining to satisfy their other needs and wants. This would cause their standard of living to decrease. It also means that it would be the poor population who are hit the hardest by such a tax implementation.
Answer: B. Using spreadsheets to plan budgets
Explanation: yes
Answer: See explanation
Explanation:
Branding simply refers to creation of a name, design or a symbol that helps in the identification of the product of a particular company from other companies.
Branding is vital as it makes a company standout from others, it helps to distinguish ones product from the product of others. It also helps in the improvement of recognition and create awareness to ones customers. With the logo on ones product, consumers can easily identify ones product.
Branding also helps in the creation of trust and supports advertising. A strong brand also generates revenue to the company as it helps in the building of financial value. Branding also helps companies get new customers.
Customers also form a connection with brands. This helps in shaping the loyalty of the customer, building trust and aids customer retention.
