Competition is the act of striving against another force for the purpose of achieving dominance or attaining a reward or goal, or out of a biological imperative such as survival.
When a firm discovers a new drug, patent laws give the firm a monopoly on the sale of that drug. At that time, the market switches from being monopolistic to being competitive.
What should happen to Let's take for example a monopoly firm, comfortably surrounded by barriers to entry so that it need not fear competition from other producers. How will this monopoly choose its Firm 1 and firm 2 are automobile producers.
Each has the option of producing either a big car or Solved June 17, Firm 1 and firm 2 are automobile producers. Each has the option of producing either a big car or a small car. The payoffs to each of the four possible combinations of choices are as given in the following payoff matrix.
Each firm must make its choice without knowing what the other has chosen. I missed the first week of class, so the professor told m Solved July 02, the answer. I don't know what in the world to do! Vice President, Marketing Re: Yes, if it were not for the desired law of diminishing returns, The desired average cost of a firm and the desired average variable cost of a firm would not rises in the short run Solved October 14, according to the law of diminishing marginal utility ,state three ways how the firm can influence the customer purchasing decision by encouraging them to buy more of cintan mee product.?
Solved March 20, 1. Since the meeting with the regional managers ended on a sour note, what should Rickles do now? What should the regional Answer Preview: Sales Management Pronto Retail Centers is a very well-known company operating with outlets in the northeastern United States.
Each of its outlets is mix convenience store, car wash, and Consider the circuit of Fig. Assume M 1 and Solved November 14, Consider the circuit of Fig.
Assume M1 and M2 are identical and so are M3 and M4.Explain which model (the I/O model or the resource-based model) you believe will best help a firm in the industry you researched earn above-average returns.
(Be sure to clearly identify the industry in your post. Describe and discuss the resource-based model of above-average returns. ANS: The resource-based model focuses on the firm’s internal resources and capabilities. These resources and capabilities determine the firm’s strategy and its ability to earn above-average returns%(23).
Price is based on internal efficiency in order to have a margin that will sustain above average returns and cost to the customer so that customers will purchase your product/service. Works well when product/service is standardized, can have generic goods that are acceptable to many customers, and can offer the lowest price.
The Resource-Based model suggests that above-average returns for any firm are largely determined by characteristics inside the firm. This model focuses on developing or obtaining valuable resources and capabilities which /5(9). The four essential economic human activities are resource maintenance, the production of goods and services, the distribution of goods and services, and the consumption of goods In the graph shown above, at point B, society is producing the maximum possible Microeconomics is the study of national and international economic trends.
The Resource-Based Model This model adopts an internal perspective to explain how a firm's unique internal resources and capabilities serves as a basis for earning above average returns. The model is based on three assumptions.