A perfectly competitive firm is a: Correct Answer : price taker The Choices Were: • loss leader • price leader • price taker • price maker ________________________________________ Correct Answer A firm that has monopoly power is a: Your Answer : price maker Correct Answer : price maker The Choices Were: • loss leader • price leader • price taker • price maker ________________________________________ Correct Answer For a perfectly competitive firm‚ price is always identical
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Industrial regulations are those regulations in which “the government commissions regulate the price charged by natural monopolists”. (McConnell & Brue‚ 2008‚ p. 382) These regulations exist to ensure that natural monopolies are not charging consumers monopoly prices which in turn hurt the consumers as well as society as a whole. Industrial regulations affect the market by its regulation of the natural monopolies which in turn protects the markets consumers. These regulations also allow for
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The Industrial Revolution is undoubtedly a very important part of America’s history. Looking back on that era‚ it is clear to see that it was a time for some serious change. That change‚ however‚ came with its ups and downs. With all the new machines invented and rapid social and economic change taking place‚ lives were definitely being changed. The nation experienced urbanization during this era and the impact of the events that happened then still make a resonating impact on us today. Politics
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ESSAY Topic: Explain the Keiretsu inter-structure‚ and discuss why it is no longer the case that the keiretsus are a source of competitive advantage. This topic deserves our special attention on Asian business groups because they are closely identified with the region’s industrialisation and subsequent economic growth. They are well known by various names‚ such as Korea’s Chaebol‚ China’s Qiye Jituan‚ and especially Japan’s Kereitsu that we will explain according to its impact within inter-firm
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As the Gilded age began‚ a period spanning approximately of the 1870s to the turn of the twentieth century‚ (a name given by Mark Twain‚ meaning wealth and "layer of gold")‚ big businesses started to grow and had affects on America. Big businesses had a huge impact on the economy‚ politics‚ and on Americans. The effect of big businesses on the economy was that the economy was said to have grown 400% during this time period‚ this seems like a huge rise but then again this would not have been that
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The Meat Inspection Act of 1906 was a United States federal law that authorized the Secretary of Agriculture to inspections and condemn any meat product found unfit for human consumption. Unlike previous laws ordering meat inspections which were enforced to assure European nations from banning pork trade‚ this law was strongly motivated to protect the American diet. AN ACT For preventing the manufacture‚ sale‚ or transportation of adulterated or misbranded or poisonous or deleterious foods‚ drugs
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into a single company‚ an acquisition was when one company took over another company and established a new owner. These two types of business combinations only worked together when a company became an acquisition and then became a merger. Interlocking directorates were separate businesses with a link between corporations because one person would sit in on all of the separate businesses boards. All of the different forms of business combinations influenced the rise of large-scale enterprises and the
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Midterm Study Guide/Sociology 102/Winter 2014 Use this outline of concepts in conjunction with the lecture outlines‚ your lecture notes‚ and the assigned reading in the Ritzer textbook to prepare for the exam. A supplemental guide including study questions for the discussion section articles will be posted in a few days. I. Structural Functionalism A. Basic Assumptions 1. Society as a consensus on values a. social structures‚ institutions‚ organizations‚ and roles all embody these common
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Chapter 1 Competitive advantage: is an advantage over competitors gained by offering consumers greater value‚ either by means of lower prices or by providing greater benefits and service that justifies higher prices. Sources of competitive advantage: 1.Structural Perspective “Higher profits result from better positioning” –Rivalry restraint‚ structural barriers to competition. 2.Resource/Capability Perspective “Higher profits result from unique resources and superior capability” –Resource/competence-based
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APUSH Midterm: 1861-1900 Short Answer 1. Presidential Reconstruction • “Reconstruction” = restoring the Union‚ bringing the states back together‚ NOT fixing the South • The idea that‚ because the South never really “left‚” it’s the President’s job‚ as opposed to the idea that Congress needs to readmit states that left • Also a reference to Johnson’s plan: after he became President‚ he came up with his own plan and went ahead with it without Congress • Johnson gave pardons to everyone‚ abandoned
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