The five forces that affect the structure of competition in a particular market do NOT include: bargaining power of buyers. bargaining power of suppliers. potential regulation. existing competitors.
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- The graphs show typical demand or perceived demand curves for firms in various competition scenarios. Select the type of competition from the drop down lists that best matches each graph. Price ($) Quantity Price ($) Quantitypolicies government can have in place to increase perfect competition in the marketIdentify two products that have either (a) fallen sharply in price or (b) gotten significantly better without price increases. How did these changes come about? Describe how society benefits from this type of market competition.
- Macmillan Learning Please match the five forces that shape competition and profitability with each description. Firms must buy the inputs for a good. Others are attracted by potential economic profit. Dividing market share can cause pressure on price. Other goods could be used in place of this good. Can customers influence the price they pay for the good? Answer Bank threat from potential entrants competition from existing firms bargaining power of buyers competition from substitute goods bargaining power of suppliersare more than just names and symbols. product quality packaging micromarketing product concept brands psychogrphic product demand segmented marketing behaviorHow can a business compete with other businesses that sell the same products? Lower the price of the competing item. Produce less of the competing item. Raise the price of the competing item. Produce more of the competing item.
- Everyone shops for things they need for themselves and for gifts for others. Imagine you are taking an online class and you are looking to buy a new computer because your old one died. Class starts in two days. The market for computers is very competitive. There are several brands that have similar characteristics such as storage capacity, processor speed, number of USB ports, etc. but you have owned one that you liked and you want to buy that same brand, the X-Mark. You have a budget of $1,000. One popular store has the brand you like on sale for $850 because other stores are selling them for that price. You have a friend at that store who tells you that the store paid $700 for that computer. Please evaluate and explain the willingness to pay, consumer surplus, demand, producer surplus, cost and willingness to sell of this transaction. Define these terms in your explanation, not as separate definitions. Incorporate the meaning into your narrative so that you write a convincing…Whether in the case of clothes and cars or in the case of universities, producers spend a lot of money establishing their "brand names" because: Group of answer choices Brand names are established by driving out the competition, after which these companies charge monopoly prices. Government legislation raises the prices of brand named items with price controls, and people have no choice but to pay the higher price for brand name products. There are legal requirements for companies with brand names to spend a percentage of their budget on advertising. Brand names carry a reputation of better quality, and consumers will pay a higher price for brand names.The demand for each seller's product in perfect competition is horizontal at the market price because each seller is too small to affect market price. the price is set by the government. all the sellers get together and set the price. all the demanders get together and set the price.
- Economics 1) How many buyers are there in a perfectly competitive market?A) FewB) TwoC) ManyD) One2) A market in which there are many buyers and sellers, every firm sells the same standardized product, buyers and sellers have full information about the product and its price, and it is easy for firms to enter and exit the market is known as _____ market.A) monopolyB) oligopolyC) duopolyD) a perfectly competitive3) Which of the following is NOT a reason that firms in a perfectly competitive market are price takers?A) There are many firms that a buyer can choose from.B) Each firm can sell more of its goods at a lower price than at the market price.C) Each buyer has perfect information about all alternatives.D) Each firm's good is a perfect substitute for another firm's good.The diagram below depicts the market for smart mobile phones for selected brands. Price Apple Iphone Nokia Lumia Samsung Galaxy Benefit Value Map of selected brands of Smartphone i. Refer to the value map. Which firm is in the superior competitive position?Fill in the table by the main characteristics of the competitive markets. Criteria: Pure and perfect competition Imperfect competition Monopolistic competition Oligopoly Monopoly Number of sellers Number of buyers Type of the commodity Price control Barriers of entry to the market Access to the market information Examples of real production markets
