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kvv77 [185]
2 years ago
10

In a large metropolitan market, it is relatively easy to set up a law office. The ease of entry explains why you will find hundr

eds of lawyers listed in the New York City phone book. Each lawyer is a close substitute for another but with slight differences. Which of the following market structures best describes the one in which lawyers operate?
1) pure competition
2) perfect monopoly
3) monopolistic competition
4) oligopoly
5) none of the above
Business
1 answer:
MissTica2 years ago
8 0

Answer:

1

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.  

In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

In a perfect monopoly, there is only one firm operating in the industry

In a  monopolistic competition, differentiated products are sold

In an oligopoly, there are few large firms

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Nissan has flexible agreements with its suppliers and transporters to accommodate unexpected surges in demand without disruption
dalvyx [7]

Answer:

This question is incomplete, the options are missing. The options are the following:

a) Product development and commeercialization.

b) Supplier-relationship management.

c) manufacturing flow management.

d) Returns management.

The correct answer is the option B: Supplier-relationship management.

Explanation:

To begin with, in the business management field the concept known as "Supplier-relationship management" refers to the system used by the managers of a company with the purpose of improving the relationships specifically with the suppliers of it, therefore that it seeks for the better arrengements with them and how to develop better strategic ways of improving both parties benefits in their contracts. That is why that the SRM is focus on maximizing the value of the interactions between the company and its suppliers so therefore that the case presented by Nissan is related to the process of using an excellent SRM.

6 0
3 years ago
What are the minimum parts required for a functional virus?
goldenfox [79]
There are 4 minimum parts required for a functional virus, namely:

-Virus genome
-Accessory proteins (if a virus immediately requires an enzyme in the new cell)
-Capsid or structural proteins
-Enveloped proteins (if an enveloped virus is to be formed)

Hope my answer helps you.
4 0
3 years ago
Confronted with the same unit cost data, a monopolistic producer will charge:
mojhsa [17]

Answer:

C. a higher price and produce a smaller output than a competitive firm.

Explanation:

A monopolistic producer will charge a higher price when confronted with the same unit cost data. The producer will also produce less of the item to make it appear more in demand. In turn, this allows the producer to make more money by spending less on labor and materials. Their overhead is reduced as well. This is seen as a competitive way to market their product and make it seem better and that it sells faster so keeping up with demand is difficult, even though it is completely false.

4 0
3 years ago
From 2007–2008 nation a saw real gdp increase from $100 billion to $106 billion. the population of nation a also grew from 50 mi
vesna_86 [32]
Real GDP ( 2007 ) = $100 billion.
Real GDP ( 2007 ) = $106 billion.
The population ( 2007 ) = 50 million.
The population ( 2008 ) = 51 million.
The annual growth of Real GDP = $106 billion - $100 billion =
= $6 billion = $6,000,000,000.
The annual growth of the population:
51 million - 50 million = 1 million = 1,000,000
$6,000,000,000 : 1,000,000 = $6,000
Answer: The annual growth rate in Real GDP per capita is $6,000.
7 0
3 years ago
When consumers are brand loyal, the term inelasticity of demand is often used. This means that
wolverine [178]

Answer:

The correct answer is b. "Consumers are less sensitive to price increases for a brand they like."

Explanation:

The term "elasticity of the demand" is used to explain the way the quantity demanded of a good or service responses to a variation of its price.

A normal demand will show you that when a good's price increases, it's quantity it's decreased in equally proportion.

A very elastic demand, will show you that when a good's price increases, it's quantity demanded it's decreased way more than the relative amount the price has increased. An example of goods with elastic demand is olive oil, people will stop buying them and will find a replace (like sunflower oil) if its price increase too much.

Opposite to that, a very inelastic demand will show you that when a good or service's price increases, the quantity demanded of that item won't be as reduced as the price was increased. An example of that is a Ferrari Car, it's exclusivity and loyalty from its costumers will allow Ferrari to raise the price of it's cars and the demand won't go down.

4 0
3 years ago
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