Answer:
1. A monopolistically competitive firm may be able to distinguish itself from other firms by adjusting the physical attributes of its product, by offering a distinctive level of service, or by selecting a convenient location.- True
2.Product differentiation enables a monopolistically competitive firm to have some control over the price of its product- True
3.In the long run each monopolistically competitive firm produces a level of output that results in allocative efficiency.- False
4. In the long run each monopolistically competitive firm produces a level of output that results in productive efficiency- False
5.To maintain a competitive edge and earn economic profits, a monopolistically competitive firm has an incentive to improve its product. -True
6. Compared with purely competitive markets, under monoplistic competition consumers with a diversity of tastes can benefit from the opportunity to choose from a greater range of products and services. -True
7.In order to maximize its profits, each monopolistically competitive firm must determine the price of its product, how to differentiate its product, and how much it will spend on advertising.True
Explanation:
Answer:
(I)
b. Use the reasons-before-refusal plan.
(II)
a. Keep the refusal respectful, sensitive, and upbeat.
b. Disclose all reasons for the refusal.
d. Provide alternatives that encourage the customer to continue business with you.
Explanation:
- In the first case, the best strategy to adopt is that of presenting the "reasons-before-refusal" plan. This means that before conveying a negative message to the client, you explain the reasons of why this message necessarily has to be like that. By reading the reasons first, the customer will be more likely to agree with your assessment of the situation.
- In the second example, these are all strategies that you can use to ensure that the letter you are writing is kind and appropriate. In this letter, it is important to be respectful, sensitive and upbeat in order for the customer to know that you are taking his claim seriously. Moreover, you should be able to disclose all the reasons for the refusal so that the person is well-informed of the situation. Finally, you should be able to provide alternatives to the customer, as this might allow him to continue having business with you.
Answer:
A production possibilities frontier identifies the dollar cost of producing a good or service in an economy.
True
Explanation:
Cost of producing could be envisaged through budgeting where the variable cost, fixed cost and total cost is expected to be calculated either through rough estimate.
Answer:
$850,000
Explanation:
The computation of Amount of income should Torrey realize from the lease transaction is shown below:-
Amount of income should Torrey realize from the lease transaction = Sale price - Cost
= $3,850,000 - $3,000,000
= $850,000
Therefore for computing the amount of income should Torrey realize from the lease transaction we simply deduct the cost from sales price.
