In economics, the quantity of an item that consumers will purchase at various price points is referred to as the demand for the good.
Demand for anything or service means that people want to buy it and are willing and able to pay for it. Demand for a product is influenced by its price, the pricing of competing products, the consumer's income, as well as her preferences and tastes. We defined demand as the amount of something that a buyer is willing and able to acquire at each price. This implies that there are at least two more factors besides price that influence demand. A Veblen product is one for which demand rises in proportion to price. Veblen products are often of a high caliber, expertly produced, unique, and status symbol. The majority of Veblen customers are wealthy individuals who value utility over all other factors.
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Answer:
Sherman Antitrust Act of 1890
Explanation:
In this specific scenario, the real estate broker would be in violation of the Sherman Antitrust Act of 1890. This is a federal statute that prohibits activities that restrict interstate commerce and competition in the marketplace. Therefore, by telling the owner that he must list the property with his broker, the agent is preventing the other competitors from having a fair shot at obtaining the listing, making this a violation.
If two identifiable markets differ with respect to their price elasticity of demand and resale is impossible, a firm with market power will set a lower price in the market that is more price elastic. Price elasticity is a tool used by economists to analyze how supply and demand for a product fluctuate in response to price changes.
Along with demand, supply also exhibits elasticity, which is referred to as price elasticity of supply. Price elasticity of supply is the correlation between price change and supply change. It is computed by subtracting the percentage change in price from the percentage change in quantity delivered.
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Answer:
A Customer service is a way to build positive, long-term
relationships with clients.
Explanation:
Customer service involves supporting existing and potential customers. It entails providing professional, helpful, prompt, and quality assistance to customers before and after a transaction.
Customer service is about building a long-lasting relationship with clients. Good customer service creates and promotes a positive and friendly environment that leaves the client with a great impression. A satisfied, happy customer is likely to be loyal to the business.
Answer:
C. impose barriers to entry with a copyright, which allows only the government to supply a good or service.
Explanation:
- The oligopolies is a market or industry where there exist small but large sellers and hence form an market competition and hence lead to higher prices to the consumers. As they have their market structures. Entry barriers include high investment and strong consumer liabilities.'
- Thus governments can set barriers to entry of these firm as to market only those goods and services that the government recommend fit for the sales
