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VladimirAG [237]
3 years ago
14

A car crash woke john from his afternoon nap. when he looked out of his apartment window, he saw several people milling around t

wo smashed cars. he decided not to dial 911 because he assumed someone had already called. john's reaction is an example of
Business
1 answer:
Ronch [10]3 years ago
4 0
John's reaction is an example of the bystander effect.
It means that he will just continue staring at the accident because he is curious as to what happened and he wants to see how the event is resolved, however, he is not really willing to do anything to help the people involved - he will just assume someone else will do that.
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If you brought on a business partner, how could it help your business?
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Explain what a trade war is.
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Exercise 4-8 (part level submission) plevin company ended its fiscal year on july 31, 2017. the company’s adjusted trial balance
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            Service Revenue.................................65000

            Rent Revenue..........................................6000

              To Income Summary.....................................................71000


             Income Summary..........................78900

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                  To Salaries Expense.......................................................56400

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Which of the following accounts will give u the least access to your money
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For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model
marshall27 [118]

Answer:

Number of Firms - many

Type of Product - differentiated

Market Model - monopolistic competition

Number of Firms - many  

Type of Product - standardised  

Market Model - perfect competition

Number of Firms - few  

Type of Product - standardised  

Market Model - oligopoly

Number of Firms - one

Type of Product - unique

Market Model - monopoly

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.   In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopoly has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.

An example of monopolistic competition are restaurants  

A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.

An example of a monopoly is a utility company

An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.

Oligopolies are characterised by:

  • price setting firms  
  • profit maximisation
  • high barriers to entry or exit of firms
  • downward sloping demand curve

3 0
2 years ago
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