What is an oligopoly - Study guides, Class notes & Summaries

A competitive firm is said to maximize its profit when....... - the price is equal to marginal cost. A Firm's Cost Curve - A firm's demand for a factor input, for example labour, slopes _____________. A) upward, due to the increasing marginal product of labour B) downward, due to the diminishing marginal product of labour C) downward, due to the increasing wage rates D) upward, due to the decreasing wage rates - B A profit-maximizing competitive firm should hire workers up to the point ...

WGU C211 Pre- Assessment Global Economics for Managers Exam | Questions and Verified Answers| 100% Correct (Latest 2023/ 2024) Graded A Q: A farmer sells wheat in a perfectly competitive market. Which action should the farmer take to maximize profits? Answer: Produce the quantity where the price equals the farmer's marginal cost Q: What is the economic profit of a competitive firm? Answer: The difference between total revenue and total cost Q: Which condition applie...

MNGT 4800 SIMULATION EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+ Why simulate? Correct Answer: - risk free - big picture -develop critical thinking skills - compresses time - comprehensive strategy About the Business Correct Answer: - all teams begin with identical profile - oligopoly - no outside competitors or product substitutes -benign environment What is an oligopoly? Correct Answer: market dominated by handful of firms Five Market Segm...

What is strategy? An integrated set of goal-directed actions a firm takes to gain and sustain competitive advantage. What are the 2 business analysis? Internal and External. What are the 3 business strategies? 1) Cost, 2) Differentiation, 3) Innovation. What is competitive advantage? Superior performance relative to other competitors in the same industry or the industry average. How do you assess competitive advantage? Compare firm performance to a benchmark. ...

CFA Level 1 - 101 Must Knows 368 Questions with Verified Answers Addition Rule of Probability - CORRECT ANSWER ADDITION: P(A or B) = P(A) + P(B) - P(AB) Roy's Safety First Criterion - CORRECT ANSWER Safety First Ratio = (E(R) - Rₜ) / σ Larger ratio is better If (Rₜ) is risk free rate, then it becomes Sharpe Ratio Sharpe Ratio - CORRECT ANSWER Sharpe Ratio = (E(R) - RFR) / σ Larger ratio is better If (Rt) is higher than RFR, then it becomes Safety First Ratio Centra...

FBLA Introduction to Business Exam Questions with Correct Answers Which is NOT considered an aspect of technology? - Answer- inventors Which was inspired by the invention of the telephone? - Answer- fax What makes a cell phone different from a telephone? - Answer- cells are small computers Anyone who uses a computer while working - Answer- e-workforce a store that sells products in stores and online - Answer- click and mortar Which types of products do other countries mostly buy...

WGU C718 Full Study Guide Questions | 104 Questions with 100% Correct Answers | Verified | Latest Update | 25 Pages What is the definition of economics? - Answer ️️ -the study of how humans make decisions in the face of scarcity What are economic and accounting profits? - Answer ️️ -Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs -...

A firm's _________________ resources are also known as labor. correct answers Human The market for a product would be considered to be an oligopoly if: correct answers There are very few businesses selling the product. _____________ relates to the number of goods and services that consumers are willing to buy at different prices at a specific time. correct answers Demand What is true about a free-enterprise system? correct answers Individuals have the right to choose what career to pur...

AECN 141 Exam 3 Question With Correct Answers 100% Pass! 2024 For whom does the term "externality" refer? - ANS-A Third Party In the price rigidity model of oligopoly, - ANS-All of the above What is the general term for the social cost of imperfect competition? - ANS-Dead Weigh Loss Which of the following is true about oligopoly? - ANS-Firms are Interdependent Levi's Jeans are a differentiated product. This means that, - ANS-Consumers think Levi's are unique Case and John Deere typical...

Business Management Exam Questions And Answers Solved Correctly Business - answerThe organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs. What are the four resources a business needs in order to be successful? - answerHuman resources, material resources, informational resources, and financial resources. What do service businesses do? - answerThey provide services. Ex: Haircuts, legal advice, tax preparation, etc. Interme...