In Competition a Substitute Is Best Described as

The long-run equilibrium outcomes in monopolistic competition and perfect competition are similar because in both market structures. - Different marketing mixes are.

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This relationship between Nike and Apple is best described as.

. Monopolistic competition is a market structure characterized by a large number of firms selling products that are close substitutes yet different enough that each firms demand curve slopes downward. The economy is a crucial component of the macroenvironment. The lack of awareness most managers have of economic indicators.

The bargaining power of buyers is strong. Monopolistic competition resembles perfect competition to the extent that. Is a common characteristic of a perfectly competitive market structure O refers to firms attempts to make real or apparent differences in essentially substitutable products look different in the minds of consumers.

1 All firms sell an identical product. In Porters five forces model conditions are more favourable for firms within an industry if. The impact of changes in the economy is predictable to competitors.

The government cuts taxes hoping that having more money will result in people buying more goods and services. Can best be described as. Entry threat is low.

An oligopoly 5 Which of the following industries most closely approximates a monopoly. C Firms will only earn a normal profit. A firm achieves a competitive advantage by adding value to its products.

According to Porters 5 forces of competition an unattractive industry has the following characteristics. Supplier power is high. Competition can arise between entities such as organisms individuals economic and social groups etc.

Firms in monopolistic competition and perfect competition typically. Firms in a market that is perfectly competitive produce goods that are. The collective strength of these forces determines the profit potential of an industry and thus its attractiveness.

Buyer power is high. Mutual interdependence is a term economists use to describe any price change made by one firm in an oligopoly that affects the pricing behavior of other firms in the oligopoly. A public utility 6.

The rivalry can be over attainment of any exclusive goal including recognition leadership market share niches and scarce resources or. Where ones gain is the others loss. B low because of the slowing growth rate and the competition from composite wood furniture.

There are so substitutes. The Nike iPod Sports Kit is a sensor in your shoe that syncs with your iPod and provides details about your workout. - Each competitor tries to get control in its own target market.

The threat of new entrants is high. A The efficient output level will be produced in the long run. 81 The level of direct competition in the hardwood furniture industry can best be described as A low because of the numerous firms in the industry and the slowing growth rate.

2 All firms are price takers -. B Firms will be producing at minimum average cost. Perfect competition is a market structure in which the following five criteria are met.

Competition may be direct or indirect. When prices decrease quantity demanded causes prices to decrease further. The option which best describes the availability of substitutes in a monopoly is.

In general alternatives outnumber the substitutes and thats where lies your real competition. A firm is described as having a competitive advantage when it successfully attracts more customers earns more profit or returns more value to its shareholders than rival firms do. Entry barriers are either weak or non-existent in both 4.

Substitute threat is high. - Competitors offer the same marketing mix. C high because of the numerous firms in the industry and the slowing.

- One firm completely controls a broad product-market. O refers to firms attempts to make their products look the same as other products inthe industry. Competition is a rivalry where two or more parties strive for a common goal which cannot be shared.

138 Transformational Visionary. This inter-organizational relationship affords both Nike and Apple a business advantage. When prices decrease quantity demanded decreases.

Economic profit is a firms total. Which of the following represents a monopolistic competition. It may or may not be normatively or socially regulated.

Changes in the economy are difficult to quantify. Then the bargaining power of suppliers is strong. Products or services that have different forms but offer similar functionalityutility.

Cinternational competition Dtechnology and innovation 5All of the following can help break a monopoly EXCEPT AThe only buyer of a resource or type of labor BThe only seller of a difficult-to-substitute product CThe only buyer of a consumer product DThe only seller of a non-essential product. A substitute product in economics is a product perceived by the consumer as having the same purpose as another product. The threat of substitute products is.

137 Substitutes for and Neutralizers of Leadership. Any action in which one person or group vies with one or more other persons or groups to achieve an end especially where the outcomes sought are scarce and not all can be successful in achieving these. Threat of new entrants bargaining power of suppliers bargaining power of buyers threat of substitute products or services and existing industry rivalry.

Products or services that have different functions and forms but can potentially cater to similar purpose. We have a monopoly when only one company offers a certain product or service dominating that sector. The market structure of monopolistic competition is best described as.

When prices decrease quantity demanded stays the same. The challenge presented by this component is. Rather the state of competition in an industry depends on five basic forces.

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