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3 years ago

The model of competitive markets relies on these three core assumptions:

Business

1 answer:

Vesnalui [34]3 years ago

7 0

Answer:

The three scenarios describe a competitive market.

Explanation:

1) In the competitive market buyers and sellers are price takers, this means that there are many producers and consumers and none of them are able to intervene in price and market. Price is given, ie price is determined by interaction in the market. 2) The products are identical. That is, no company will make a profit due to differentiated products. In perfect competition, companies produce identical products, and the consumer is indifferent to the product characteristics of each company. 3) There is free entry and exit of companies and factors of production, ie there is no cost to enter and exit any sector. This means that factors can migrate from one sector to another without incurring costs, meaning there are no barriers to entry and exit from any sector.

Thus, from items 1 and 2, consumers and buyers are price takers, that is, they cannot influence the price determined by the market. Item 3 is about achieving zero profit or normal long-term profit. This is because the free entry and exit of companies avoids extraordinary profits by encouraging companies to migrate to sectors that earn higher profits in the short term. Thus, in perfect competition, compa

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Company P has owned 80 percent of Company S for a number of years. This year Company P bought inventory for $100,000 and sold it

Vesna [10]

Answer:

don't know

Explanation:

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2 years ago

On March 1, it was discovered that the following errors took place in journalizing and posting transactions: a. The receipt of $

Kitty [74]

Explanation:

The Journal Entry is given below:-

a. Cash Dr, 8400

Accounts receivable 8400

(Being the Cash received)

b. Supplies Dr, 2500

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Supplies Dr, 2500

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3 years ago

A State A consumer was in a traffic accident with a State B driver. The State A consumer’s car burst into flames, causing horrif

kupik [55]

Answer: The correct answer is B. Yes, because the State B driver's claim is a proper cross-claim and is within the court's supplemental jurisdiction.

Explanation:

Option B is correct because the State B driver can assert his tort claim against the State B manufacturer. The driver's claim is a proper crossclaim and this is because it arises from the same occurrence as with State A consumer's claim.

4 0

3 years ago

Marriott has branded its entire family of accommodations based on different value propositions, supported by clearly delineated

Nonamiya [84]

Answer:

Price lining

Explanation:

Price lining is defines as the pricing strategy where related products are sold at different prices to customers.

Usually the price difference depends on the level of quality of the products.

For example a beverage company with different drinks having various flavours will have a different price for each one.

In the given scenario price lining is occurring at a larger scale when Marriott branded its entire family of accommodations based on different value propositions.

These include Ritz-Carlton and JW Marriott for the most discriminating patron, Marriott and Renaissance at the next level of full service, and an array of differentially positioned brands such Courtyard and Residence Inn.

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3 years ago

The _____ frame of an organization focuses on providing harmony between the needs of the organization and the needs of people.

earnstyle [38]

Answer:

The correct answer is: human resources.

Explanation:

The Human Resources (<em>HR</em>) department is in charge of recruiting and selecting new personnel with the characteristics and profile the organization is looking for. Besides, the HR role is to provide employees the sources necessary so they can perform their duties in a proper environment within the firm.

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3 years ago