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- What is the most important part of economic analysis, and why? Supply and demandCostProfitsFirm organizationMarket organization; and/orPrice determinationWhich one of the following variable, the firm can influence directly? a. Store location b. Consumers c. Technology d. Competitionuse relevant diagrams as well as microeconomic theory, discuss why competitive firms stay in business if they make zero profit?
- Firm Profit, Loss, and Shut Down Microeconomics What will be the price and quantity where the firm will shut down?Mohammed opened a new restaurant with Omani staff in Seeb specialized in Omani food. The restaurant is struggling with several business pressures, such as cost of labor (cheap labors in other restaurants), and powerful customers (many alternatives available to customers). Explain how Mohammed can use IT to respond to these two pressures.What is the importance of supply chain?
- How do markets operate to bring product into existence? How does that relationship affect supply and demand for the various markets involved? In what ways has the change in supply and demand affected the market? What enabled the many participants in the production of this product to cooperate, and how has this affected the production of the product?MICROECONOMICS See the graph below, Label and Describe in terms of : A. Name of Market Structure B. Ability to control prices C. Spending on advertising and marketing D. Pure profit, Normal profit or losses.I'm not sure how to solve this problem I don't know where I should begin
- Which of the following is not a typical characteristic of a market system? Multiple Choice a. profit as a success Indicator b. consumer sovereignty c. lack of Incentives to produce new products d. freedom of choice e. competition in product and resource marketsWhat yardstick can a firm use to determine where it should produce?1. MICROECONOMICS