Answer:
The correct answer is letter "C": differentiation strategy.
Explanation:
After a company has conducted a market segmentation classifying customers by age, gender, income, location and some other features, the firm must decide if focusing in one single market or if its resources allow them to conduct operations in more than one.
When the entity decides in which markets their production processes will be focused on the differentiation strategy is implemented. With this approach, the company uses the information obtained from the market segmentation to create goods or services tailored to consumers' needs attempting to provide a product that better matches their needs.
<u>Solution and Explanation:</u>
(a). Firm in perfect competition produces at minimum efficient scale, MEC where average cost AC is minimum. The price is determined by the market supply and demand.
(b) Note that q1 is at the minimum of AC while Q* is to the left of q1. Similarly, P1 is equal to MC while P* is higher than MC. This shows that firms in perfect competition produce more and charge less than the firms in monopolistically competitive market.
(c) All firms in monopolistically competitive market as well as perfectly competitive market earn zero economic profit in the long run. This is because there is a free entry and exit
(d) Demand is steeper for firms in monopolistically competitive market so that demand is elastic. Demand is horizontal for any quantity which means it is perfectly elastic for a firm in competitive market.
Answer:
Which of the following is an example of a service business?
Enterprise Rent-a-Car
Explanation:
Enterprise Rent-a-car is rendering a service which is to give away car to customer for a particular period or time in exchange for money so it is a service business
I'd say it's 4 because school social workers support students.
Answer:
If the price of peaches goes down by $0.40 in the South, the quantity will decrease by 600 pounds per year.
Explanation:
- As given that the decrease in price by $0.40 per pound then the quantity in the North goes down by 600 pounds per years so from here we have understand that if the same prices goes down in the South, then the same decrease in pounds per year will occur i.e decrease in price by $0.40 per pound will result in the decrease in the quantity by 600 pounds per year.
