Answer:
advertising, product promotion, and changes in the real or perceived characteristics of a product.
Explanation:
As the name suggest Non-price competition is the competition where there is a competition not based upon the price but the product of the company would be different from the rival company on the basis of characteristics like design, labelling, etc
So according to the given options, last second option is correct
And, the same would be considered
Answer: The answer is true
Explanation: the contract can not be enforce until both merchant agrees on a specified price on their agreement
The element of common law includes offer,acceptance and consideration. For the contract to be binding and legal both parties must have the capacity of entering into the contract. The contract of common law will be void if all element of common law formation do not exit.
Answer:
market forces are much stronger than individual firms are
Explanation:
In a competitive market, firms are price takers. They do not set the price for their products. Prices are set by market forces.
Answer: 0.5 making the demand for gas to be inelastic in this range.
Explanation:
The price elasticity of demand is calculated as:
= % change in quantity demanded / % change in price
= 15% / -30%
= -0.5
Based on the above calculation, we can see that the elasticity of demand equals to 0.5. Since, it is less than 1, it is said to be inelastic.