B. it can help you make friends with similar interests
Answer: B. In the short run, the typical firm increases its output and makes an above normal profit.
Explanation:
I have attached a graph to explain.
Originally the Perfectly Competitive Market is in a long run Equilibrium.
This means that at 5000 units the $20 selling price was as a result of Marginal Revenue being equal to Marginal Cost.
Now a sudden change in Demand has taken the price up which then forces the Marginal Revenue Curve upwards.
This will culminate with the Marginal Revenue Curve now intersecting the Marginal Cost curve at a higher point being point F so that profit can be maximised.
This higher level will thus lead to a higher output than 5000 units at point Q as the firm will increase output.
Notice that at that point the Marginal Revenue is higher than Average Total Cost meaning that an Above normal profit is being made.
Do react or comment if you need any clarification.
Answer:
Smartphone Market
Apple, Google, and Blackberry:
This analysis is consistent with the industrial organization model:
a) True
Explanation:
Industrial organization is the application of the economic theory of price, the structure of markets, and the strategic moves by firms to industrial analysis. According to investopedia.com, "Industrial organization is a field of economics dealing with the strategic behavior of firms, regulatory policy, antitrust policy and market competition."
The industrial organization model is a way of explaining the forces outside an organization that exert influences on a firm's strategic actions. It is based on the assumptions that decision-makers act rationally, have mobile resources that they control, and that pressures and constraints are imposed by the external environment.
Answer
Talent
Explanation:
The definition is A natrual aptitude or skill