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neonofarm [45]
3 years ago
14

Explain in detail how the monopoly ferry operator in Onus will determine the price she will charge the island residents for ferr

y service and how that price will differ from the price experienced by the island residents and tourists in the perfectly competitive market of Yuri
Business
1 answer:
Veseljchak [2.6K]3 years ago
5 0

Answer:

Price Determination in a Monopoly and a Perfectly Competitive Market:

The monopoly ferry operator in Onus will arbitrarily fix any price she likes to maximize revenue and profits.  The prices for her services are not determined by the market forces of supply and demand.

On the other hand, in the perfectly competitive market of Yuri, the ferry operator as a single person cannot fix prices for her services.  Instead, the operator is a price-taker.  The prices of her services are determined by the forces of supply and demand.

Explanation:

Firms in a monopolistic market usually set their prices above the marginal costs of their products and services.  They also earn positive economic profits.  For firms in a perfectly competitive market, an equilibrium is usually achieved where the price and the quantity of a good are determined by market forces, such that price equals marginal cost.  Each firm, therefore, does not earn any positive economic profit.

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<h3>What is mass production?</h3>

Mass production is also referred to as continuous production or flow production and it can be defined as a type of production that focuses on manufacturing large quantities of a standardized product and it doesn't concern itself with customer preferences.

This ultimately implies that, mass production is mainly focused on making a large number of a few products rather than being focused on customer preferences. Also, the production is usually in a constant flow and automated by a mechanical process.

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3 0
2 years ago
quilibrium in the money market exists when a. excess demand for money is equal to the quantity demanded of money at a given inte
Elanso [62]

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Explanation:

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3 years ago
As a manager for your company some of your responsibilities include measuring metrics and overseeing company strategies. You obs
Ilya [14]

Answer:

The primary reason for the large increase in productivity would be the management factor.

Explanation

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4 years ago
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Answer:

Growth rate is 6%

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3 years ago
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mezya [45]
I believe it would be C.) multiple installations of gas, water, and electric lines
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3 years ago
Read 2 more answers
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