Answer:
e. exists when a single seller experiences lower average total costs than any potential competitor.
Explanation:
A monopoly is a market structure which is typically characterized by a single-seller who sells a unique product in the market by dominance. This ultimately implies that, it is a market structure wherein the seller has no competitor because he is solely responsible for the sale of unique products without close substitutes. Any individual that deals with the sales of unique products in a monopolistic market is generally referred to as a monopolist.
For example, a public water supply company is an example of a monopoly because they serve as the only source of water provider to the general public in a society.
A natural monopoly exists when a single seller experiences lower average total costs than any potential competitor because of the very high start-up or initial cost and economy of scale.
Answer:
d. Franchised operations will take less time on the part of the owner than a regular independently owned operation. If she opens a franchise, she will have more time for creativity in the business, and more time for skiing too.
Explanation:
Answer:
The correct answer is: Typically, some resources are better suited for producing one good than another, which means that there are diminishing returns when moving such resources away from producing what they are best suited for.
Explanation:
A production possibility curve shows the different combinations of two goods that can be produced using all the given resources. Since resources are scarce, to increase the production of one good we need to decrease production of the other.
But resources are specialized and cannot be perfectly substituted between their two uses. So as we go on increasing production of one good the opportunity cost of sacrificing its alternative goes on increasing.
Because of this increasing opportunity cost the shape of the frontier is downward sloping, bent outwards and concave to the origin.
That statement is true,
The company must indeed take all of those things for the consideration.
if the difference in the markets interests way too big, a company may not need to give any response to competitor's price cut.
In online videos watching outlet, for example, youtube has a massive lead to the point where they don't even need to their competitor's business model.
Answer:
A. Labour intensive technology
Explanation:
Labour intensive technology involves the use of excess labour required for the production process. Industries carrying out labour intensive technique requires a high amount of labour to produce it's good and services. In this case, the physical efforts of employees is needed in the organization to assemble inner workings of a door knob and locks. The level of labour intensity is usually measure with capital used. The higher the labour use, the more labour intensive it is.