Petrol companies have the market structure of an oligopoly. An oligopoly is a market structure where there are a few dominant firms whose behavior is interdependent. There are a few dominant firms relative to market size‚ and they each command a large proportion of the market share‚ thus having strong monopoly power. Examples of petrol companies include Shell‚ Caltex and Exxon Mobil. Their demand curve is downward sloping‚ meaning that they are price setters. Petrol is a homogeneous product‚ hence
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the firm is horizontal. No new firms enter or leave the industry. The number of firms in the industry‚ therefore‚ remain the same. Under perfect competition‚ the firm takes the price of the product as determined in the market. The firm sells all its output at the prevailing market price. The firm‚ in other words‚ is a price taker. Equilibrium of a Competitive Firm: The short-run equilibrium of a firm can be easily explained with the help of marginal revenue = marginal
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Week 4 Discussion 1 A company’s debts or obligations are owed within one year. Current liabilities appear on the company’s balance sheet and include short-term debt‚ accounts payable‚ accrued liabilities and other debts. Current liabilities are separated from long-term liabilities on classified balance sheets. (You do not have to prepare a classified balance sheet‚ but it is the norm. Classified balance sheets also separate the current assets from the long-term assets). Knowing which liabilities
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Week 4 : Internal Control‚ Cash‚ and Receivables - Midterm Top of Form Time Remaining: Question 1.1. (TCOs A‚ B‚ and C) Shareholders want answers to all of the following questions except: (Points : 3) How does the company compare in profitability with competitors? Did the company meet its operating expense budget? Will the company be able to pay its liabilities as they come due? Is the company earning a satisfactory return? Question 2.2. (TCO C) Paying back long-term
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in Market Structures Competitive markets‚ monopolies‚ and oligopolies play a big role in the economy. We will be discussing the characteristics‚ price determination‚ output determination‚ barriers to entry‚ and the role in economy of each market structure. In a competitive market there are many firms that supply the same product‚ such as local gas stations. Mankiw (2007) stated‚ “You may recall that a market is competitive if each buyer and seller is small compared to the size of the market and
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Shuna Tolbert May 6‚ 2013 Week 4 Assignment Mat126 Instructor Kussiy Alyass Following completion of your readings‚ complete exercise 4 in the “Projects” section on page 620 of Mathematics in Our World. Make sure you build or generate at least five more Pythagorean Triples using one of the many formulas available online for doing this. After building your triples‚ verify each of them in the Pythagorean Theorem equation. The assignment must include (a) all math work required to answer the
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Week 4 Quiz 1. An example of a secessionist minority would be a. Native Americans. b. the Amish. c. Irish Catholics. d. Italian Americans. 2. The pattern of grandchildren of immigrants increasing their interest in their ethnicity is called a. ethnic pluralism. b. the principle of third generation interest. c. ancestor worship. d. the theory of bicultural immersion. 3. What is the ethnicity paradox? a. The emphasis on ethnic foods and ethnically associated political associations
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ECONOMICS COMMENTARY Commentary number: 2 Title of extract: Govt begins work on 3 more compulsory licences Source of extract: Business Standard Date of extract: March 30‚ 2013 Word count: 750 words Date the commentary was written: 1/04/2013 The commentary relates: Candidate name: Sushmi Dey | New Delhi March 30‚ 2013 Govt begins work on 3 more compulsory licences DIPP wants foolproof case on anti-cancer drugs of Roche‚ Bristol-Myers The department
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CHAPTER 7: 1. Think of the country in which you live. What image might it have with consumers in other countries? Are there certain brands or products that are highly effective in leveraging that image in global markets? I think that a very popular and negative image that others have of the United States is that we indulge in unhealthy habits. This includes food‚ drinking‚ and culture. There are many brands or products that give us this bad image. McDonalds‚ Burger King‚ and Wendy’s are to name
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Week 4 Economic Analysis ECO/561 September 17‚ 2015 Economic Analysis Market Structure The business firm discussed in this report deals with general merchandise and operates in the retail industry. It specializes with the sale of general consumer merchandise including food products such as dairy foods‚ baked goods‚ meat and poultry‚ seafood and garden outputs; clothing and textile output‚ electronic merchandise and it also operates an optical center among other business operations
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