Homework Answers
a) The GAS station will be able to set a higher price in the market because there is no close substitutes in the market. The answer is "B".
b) "B"
these good are complement to the Gas and they are inelastic, so a higher price can be set. the answer is "B".
c) "C"
For substitutes the cross price elasticity is positive because as the price of the other goods increase the demand for the substitute increases.
d) "D"
All of the given statements in the options are true for a strategy.
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pls answer all 4 QUESTION 1 A gas station opened up on stretch of highway where there are no other gas stations clo...
QUESTION 24 Strategy is O a. The art of matching the resources and capabilities of a...
QUESTION 24 Strategy is O a. The art of matching the resources and capabilities of a firm to the opportunities and risks in its environment Ob Developing a resource for the company that is both rare and valuable to create competitive advantage O . Making sure that the resource developed is non-fungible to create a sustainable advantage Od. All of the above QUESTION 25 An economist estimated the cross-price elasticity for peanut butter and bananas to be -1.5. Based on...
cm Od these products are usually substitutes to the gas sales and the demand for gas...
cm Od these products are usually substitutes to the gas sales and the demand for gas is inelastic QUESTION 27 Assumptions that under lie the Resource-based View include a. Resource heterogeneity b. Resource immobility Oo. Barriers to entry Od. Botha and b QUESTION 28 A supply curve slopes upwards because On the higher the price the higher the quantity that the sellers are willing to supply b. an increase in price brings the quantity sold down to zero the quantity...
QUESTION 17 Gas stations can price the products that they sell in their convenience store a...
QUESTION 17 Gas stations can price the products that they sell in their convenience store a little bit higher than other stores because a these products are usually substitutes to the gas sales and the demand for gas is inelastic ob these products are usually substitutes to the gas sales and the demand for gas is elastic c these products are usually complements to the gas sales and the demand for gas is elastic Od these products are usually complements...
please answer the 3:) thanks Question completion Status: be -1.5. Based on this information, we know the goods...
please answer the 3:)
thanks
Question completion Status: be -1.5. Based on this information, we know the goods are An economist estimated the cross-price elasticity for peanut butter a complements b. inferior goods c. substitutes d. inelastic. QUESTION 33 Strategy is a. The art of matching the resources and capabilities of a firm to the opportunities and risks in its environment Ob Developing a resource for the company that is both rare and valuable to create competitive advantage c. Making...
An economist estimated the cross price elasticity for peanut butter and bananas to be-1.5. Based on...
An economist estimated the cross price elasticity for peanut butter and bananas to be-1.5. Based on this information, we know the poods are a complements b inferior goods. c.substitutes d. inelastic QUESTION 33 Strategy is a. The art of matching the resources and capabilities of a firm to the opportunities and risks in its environment b. Developing a resource for the company that is both rare and valuable to create competitive advantage c. Making sure that the resource developed is...
Refer to Figure 5-1. A perfectly elastic demand curve is shown in Panel D. Panel A. Panel C...
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
Part VI Multiple Choice: Imperfect Competition 13. If a firm with market power maximizes profit by...
Part VI Multiple Choice: Imperfect Competition 13. If a firm with market power maximizes profit by producing at the unit elastic point on the demand curve, then a. it has no direct competitors. b. its marginal cost must be zero at the profit-maximizing level of output. c. demand must be perfectly elastic. d. it cannot be in long-run equilibrium. 14. Which of the following statements is not always true for a monopolist in short-run equilibrium? a. E 1 b, TR>...
PART III COVERS CLO 5 uan 4 marks Question 1 Choose the correct answer. Each question...
PART III COVERS CLO 5 uan 4 marks Question 1 Choose the correct answer. Each question carries 0.5 mark 1. If a firm can change market prices by altering its output, then it A. Has market power. B. Faces a flat demand curve. C. Is a price taker D. Engages in marginal cost pricing. 2. If economic profits are earned in a competitive market, then over time: A. Additional firms will enter the market. B. The market supply curve will...
1. A cartel is a group of firms that attempts to a. maximize joint revenue. b....
1. A cartel is a group of firms that attempts to a. maximize joint revenue. b. increase competition. c. behave independently. d. maximize joint profit. 2. If a firm's product loses brand loyalty, then the demand curve will: a. Become less price elastic. b. Shift to the right. c. Become more price elastic. d. Shift to the left. 3. Assume a monopoly confronts the same costs and demand as a competitive industry. In this case, the monopolist produces: a. Less...
PLEASE ANSWER EACH QUESTION 1 Thru 4 1. Question The productivity of a resource in influenced...
PLEASE ANSWER EACH QUESTION 1 Thru 4 1. Question The productivity of a resource in influenced by all but which one of the following? Select one: a. Resources prices. b. Productivity of other resources. c. Technology. d. Manaderial ability. 2. Question The social disadvanatges of a purely competitive market situation do not include which one of the following? Select one: a. The industry is slow in adopting improved technology tht has already been developed. b. The product lacks the variety...
QUESTION 24 Strategy is O a. The art of matching the resources and capabilities of a firm to the opportunities and risks in its environment Ob Developing a resource for the company that is both rare and valuable to create competitive advantage O . Making sure that the resource developed is non-fungible to create a sustainable advantage Od. All of the above QUESTION 25 An economist estimated the cross-price elasticity for peanut butter and bananas to be -1.5. Based on...
cm Od these products are usually substitutes to the gas sales and the demand for gas is inelastic QUESTION 27 Assumptions that under lie the Resource-based View include a. Resource heterogeneity b. Resource immobility Oo. Barriers to entry Od. Botha and b QUESTION 28 A supply curve slopes upwards because On the higher the price the higher the quantity that the sellers are willing to supply b. an increase in price brings the quantity sold down to zero the quantity...
QUESTION 17 Gas stations can price the products that they sell in their convenience store a little bit higher than other stores because a these products are usually substitutes to the gas sales and the demand for gas is inelastic ob these products are usually substitutes to the gas sales and the demand for gas is elastic c these products are usually complements to the gas sales and the demand for gas is elastic Od these products are usually complements...
please answer the 3:)
thanks
Question completion Status: be -1.5. Based on this information, we know the goods are An economist estimated the cross-price elasticity for peanut butter a complements b. inferior goods c. substitutes d. inelastic. QUESTION 33 Strategy is a. The art of matching the resources and capabilities of a firm to the opportunities and risks in its environment Ob Developing a resource for the company that is both rare and valuable to create competitive advantage c. Making...
An economist estimated the cross price elasticity for peanut butter and bananas to be-1.5. Based on this information, we know the poods are a complements b inferior goods. c.substitutes d. inelastic QUESTION 33 Strategy is a. The art of matching the resources and capabilities of a firm to the opportunities and risks in its environment b. Developing a resource for the company that is both rare and valuable to create competitive advantage c. Making sure that the resource developed is...
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
Part VI Multiple Choice: Imperfect Competition 13. If a firm with market power maximizes profit by producing at the unit elastic point on the demand curve, then a. it has no direct competitors. b. its marginal cost must be zero at the profit-maximizing level of output. c. demand must be perfectly elastic. d. it cannot be in long-run equilibrium. 14. Which of the following statements is not always true for a monopolist in short-run equilibrium? a. E 1 b, TR>...
PART III COVERS CLO 5 uan 4 marks Question 1 Choose the correct answer. Each question carries 0.5 mark 1. If a firm can change market prices by altering its output, then it A. Has market power. B. Faces a flat demand curve. C. Is a price taker D. Engages in marginal cost pricing. 2. If economic profits are earned in a competitive market, then over time: A. Additional firms will enter the market. B. The market supply curve will...
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