Answer:
A negative consequence of the power he holds is that his company: Apple, has become the largest company in its market sector: consumer electronics.
For that reason, Steve Jobs has what in economics is known as market power: the ability to set prices above marginal cost, or in other words, the ability to set prices that are higher than necessary for the customer.
This amount of market power reduces the overall benefit for society, and society would be better off if more competitors entered the market to compete with Apple.
Protective tariffs are used to keep foreign competition out of domestic markets and local industry. As a result, they encourage domestic industrialization within a nation. A nation's currency is also protected by protective tariffs in addition to domestic industrialization. Protective tariffs prevent a nation's currency from leaving the country and going to foreign companies, strengthening the currency domestically.
Tariffs imposed by an importing nation to defend its native sector are known as protective tariffs. Imported goods are subject to protective tariffs to keep them expensive when compared to domestically produced items. Protective tariffs are essential for the growth and development of regionally emerging sectors in developing nations. Protective tariffs contribute to independence and self-sufficiency by promoting domestic manufacturing, particularly in the defense sector.
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Answer:
GDP deflator
CPI
Explanation:
The consumer price index measures the changes in price of a basket of good. It is used to measure inflation. Basket of goods includes goods produced within the country and outside the country.
CPI = (cost of basket of goods in current period / cost of basket of goods in base period) x 100
An increase in the price of a Japanese-made television that is popular among U.S. consumers will increase CPI
GDP deflator = (nominal GDP / real GDP) x 100
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.
A decrease in the price of a Waterman Industries deep-water reel, which is a commercial fishing product used for deep-sea fishing will decrease GDP deflator
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