Stephen David Krasner is an American academician and ex-diplomat who was born on the 15th of February, 1942 in New York, United States of America.
In 1981, Stephen was appointed as a professor of international relations at Standford University. Also, he is a senior fellow at the Freeman Spogli Institute (FSI), Stanford Institute for Economic Policy Research (SIEPR) and the Hoover Institution.
According to Stephen David Krasner, international regimes are composed of principles, norms, rules, and decision-making procedures around which there exist a convergence (meeting) of the expectations of various actors or leaders in an area of international relations.
Limited liabilities mean that the partners within the firm are only liable to pay off their debts with the amount they had invested as capital in the company. Partnership is an agreement between certain number of partners to share the profit and loss of the company. In this case since there is a 50/50 allocation of profits and there are only 2 partners therefore, this is a limited liability partnership.
A monopolistic firm is characterized by a large number of buyers and sellers in the market producing differentiated products which are close substitutes, there are relatively easier entry and exit in the market.
In the given question, Teen Angle Hardware is looking for a niche or a slightly differentiated product to sell to teenagers. But is able to earn only a normal profit because there is a large number of firms in the market. And new firms can enter the market in the long run. So, this firm is an example of a monopolistic firm.
Explanation:Mass Marketing is a type of marketing where the target is to get the connect with a large number of customers or consumers as possible. Mass Marketing is done through mass media and other marketing channels to ensure that the greatest number of persons are reached to guarantee that the company sale a larger Volume of products or services, this type of marketing has been adopted by many multinational companies.
