The characteristics of a competitive market, and a monopolistically competitive market are:
- Price is equal to marginal cost - competitive market,
- Easy entry and exit - both
- Few sellers - neither
- Homogeneous product - competitive market,
<h3>How are competitive and monopolistically competitive markets related?</h3>
Both competitive and monopolistically competitive markets are easy to enter and exit from but only competitive markets have their pruice equal to their marginal cost.
The goods in a monopolistically competitive market is slightly variated while those in competive markets are homogenous.
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Answer: marketing
Explanation: In simple words, marketing refers to the set of activities that are performed by an organisation with the objective promoting the products that they are offering in the market.
It focuses on providing the customer those products that increases their level of satisfaction to the maximum level. It involves ascertaining the needs of customers and then making a suitable product.
Thus, from the above we can conclude that the correct option is C.
Answer: e. generating alternative goals and plans.
Explanation:
The step in formal planning process is the CEO performing when he debates between opening a new branch and reducing the prices is referred to as generating alternative goals and plans.
Here, the CEO wants to increase the sales of the company and in an attempt to do that he's considering different alternatives in order to know and decide which one will be best for the company to undertake. This means he is generating alternative goals and plans.
Options A-D are wrong as the CEO isn't monitoring, controlling or implementing any plan. Option E is the right answer.
Answer: $12,000
Explanation:
The question makes no sense in one area. The loss probability for $0 cannot be 90% because the other two are collectively 20%. I shall therefore assume that the loss probability for $0 is 80% so that they add up to 100%.
Expected claim cost = ∑[loss probability * (Loss - Deductible)]
= 0.9 * 0 + [0.15 * (10,000 - 10,000)] + [0.05 * (250,000 - 10,000)]
= $12,000
