How is capitalism good for restaurants?

Q: Identify markets in which you act as a buyer/demander and markets in which you act as a…

A: The buyer/demander is a person, who wants to fulfill his/her requirement by purchasing the goods and…

Q: which market has free entry

A: Perfect competition is defined as the market structure in which there are large number of sellers in…

Q: Is economics related to marketing?

A: In a market economic activities refers to the primary activities of a business or a household when…

Q: If you want to increase demand for your restaurantbut are unable to lower prices or increase…

A: As it is given in the question, a restaurant does  not have more funds to advertise higher level and…

Q: Why are perfectly competitive markets considered economically efficient?

A: There are several forms of the market that exists in the real world out of which perfect competition…

Q: Does segmentation increase profits?

A: Market segmentation makes easier for companies to increase their sales. Some market segments might…

Q: Why can't firms enter the market in the short-run?

A: There are various types of market structures which have different characteristics of the number of…

Q: How is non-price competition different from price competition?

A: There are two ways producers can compete (with their aim being profit maximization). They are: Price…

Q: What's monopoly

A: Monopoly: - monopoly market structure is the structure in which there is only one seller of any good…

Q: You run a produce stall at a farmer's market, but rather than sell your own goods, you travel to…

A: The market for Carrot, Turnips and Oranges are given as follows.Your MarketMarket AMarket…

Q: What will be the price and quantity where the firm will shut down?

A: As a perfectly competitive firm produces a greater quantity of output, its total revenue steadily…

Q: Who said “The customer experience is the next competitive battleground” ?

A: Customer experience refers to the perception of a business by the customers. It is formed when a…

Q: There are several hamburger shops around you. You are trying to find ways to make your hamburger…

A: A monopolistically competitive firm will look to differentiate its product from its competitors as…

Q: The town of Whoovile wants to increase the amount of affordable housing in town.  Assume that…

A: In a housing market, people make a demand for houses and apartment is inversely related to its…

Q: What advantages does the Cotton Gin have over previous technologies?

A: A cotton gin is a machine that separates cotton fibers from their seeds fast and efficiently,…

Q: Competition serves as the --------- of economic activity

A: Answer: The competition serves as the regulator of economic activity. Explanation: Competition in…

Q: Write a sentence or two defining the following terms in your own words. Give examples of each. a.…

A: A) Scarcity - it means that resources are scarce in nature that is wants are unlimited but resources…

Q: How do you determine if a firm is profit maximizing?

A: A firm is profit maximizing if the firms total cost is less than is total revenue(TR = TC). We can…

Q: e. Repeat parts b-d for 12 million hours instead of 8 million hours. f. What is the efficient…

A: e. Consumer surplus = 1/2×(20-16)×12 = 24 Producer surplus = 1/2×(16-10)×12= 36 So total economic…

Q: Do you think firms really try to maximize profits? Do firms (especially small ones) know what prices…

A: Economist generally assume that firms act as profit maximisers. Economists don’t think there’s…

Q: Why are newspapers, but not soft drinks, sold in vending machines that allow customers to take more…

A: Necessary good is a type of normal good that consumers buy regardless of the change of their income…

Q: Which is most likely the result of healthy competition in the market?

A: Healthy market competition promotes good customer service, high-quality goods, and competitive…

Q: What is your average direct sale price to Online consumers? How is your average different than the…

A: ANSWER   Price competition occurs when two products that are basically similar are appraised by…

Q: Distinguish between technical efficiency and economic efficiency

A: Technical efficiency is the situation where the output is increases by using the less factors of…

Q: How do market affect your life

A: Market is the place where seller and buyer are exchange the goods and services at a specific Place.

Q: Rob Doe just started a ice cream business within a perfectly competitive market. The new business…

A: Marginal cost refers to the change in the total cost that arises when there is a change in the level…

Q: Describe several strategies that companies can use to remain competitive in the globa economy

A: There are several strategies that a company can use to stay competitive in the global economy. 1.…

Q: Florida orange growers” advertise as a group, but individual orange growers do not. What does this…

A: There are large number of buyers and sellers in a perfect competitive market selling homogenous…

Q: How do firms or business in a competitive market decide what prices are and how does the economy…

A: Competitive market: - it is a market condition where there are many buyers and many sellers in the…