Chapter 13 Review Questions

11. A key to business success is to decide in advance how to respond to the issues that   underlie all questions of ethics and   A) personnel complaints   B) compensatory damages.   C) governmental support   D) social responsibility   12. Which of the following does NOT fall into the degrees of competition continuum?   A) Perfect competition   B) Monopolistic competition.   C) Competitive advantage   D) Oligopoly

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(5) The largest cattle rancher in a given region will be unable to have a ________ when sufficient numbers of smaller cattle ranchers provide sources of competition. Select one: a. monopolistic competitive advantage b. oligopoly c. monopoly   (6) If an individual was studying the economic policies designed to stimulate the country’s economy out of a recession they would be a Select one: a. microeconomist. b. macroeconomist. c. business manager.

1.Microsoft is one of the leading software companies. Prior to 2000, Microsoft’s share of the market for personal computer operating systems stood above 80 per cent. However, since the twenty-first century Microsoft’s market share has steadily declined to 40 per cent. This is due to the rise in competing software producers such as Apple macOS (10%), Google's Android OS (35%), Linux Operating System (35%), and Apple iOS (5%). The market share of each company is provided in parentheses. Google and Linux have decided that it would be in their best interest to work together to serve the market. This is not common knowledge to the person’s outside of the companies. i. Draw how equilibrium price and quantity are determined in this industry. Hi does this refer to the monopoly market structure diagrams? 2. Allsmart’s demand curve is given by Q=10-P for its dishwashers. The marginal and average cost is $3 per dishwasher produced. Complete the following table. Photo below concerns…

1. Do you believe that Netflix will become or is already a monopoly? What are some of the monopoly traits that would make you believe it will soon be or is already a monopoly? 2. In a competitive business environment, firms are said to be break-even in the long run. What does this exactly mean, why does it happen? Does this long-run break-even outcome apply to all market structures, and why?

2. Consider the iPad, which was introduced by Apple in 2010, and answer the following questions: a. what type of market structure did this initially represent when it was first released? What implications do you think this had in terms of its initial profitability? b. Over the past five years or so, do you think this market has changed in any way? Describe the evolution of this market, and justify your answer by employing theories you have learnt in this unit.

5. The role of brand names and advertising Which of the following statements about brand names is true? Brand names are always economically wasteful since they dupe consumers into buying more expensive goods and services that are no different from generic versions. Brand names give the seller an incentive to provide consistently high-quality products and services in order to protect the reputation of the brand. It is always rational to prefer brand names over generic substitutes. Read the following example and determine whether it illustrates a common critique or defense of advertising. Paolo sees a commercial for a Brand X clothing company that depicts the wearers of the clothes out having a good time with friends. Although he doesn't particularly need new clothes, the commercial prompts him to buy a Brand X t-shirt. This illustrates a common of advertising.

Question 1: _____ help to organize a field of study, identify key concepts, understand patterns and trends, and clarify research assumptions.   A Ideas B Philosophies C Theories Question 2: What are the key theoretical traditions? Select all that apply;   A Theoretical/Classical B Applied C Modern D Critical E Abstract Question 3: In most developed countries, media markets are dominated by which two types of market structures?   A Perfect competition B Monopolistic competition C Oligopoly D Monopoly Question 4: According to Albarran, the whole notion of defining a market structure has become _____ complicated owing to _____ consolidation across the media industries and technological convergence throughout the media economy.   A Increasingly, Slow B Increasingly, Rapid C Decreasingly, Slow D Decreasingly, Rapid Question 5: We must draw on an existing body of knowledge in order to develop new theoretical approaches to studying the many complexities of the new media…

5. The role of brand names and advertising Which of the following statements about expenditures on advertising is true? When a firm spends a large amount of money on advertising, advertising can be construed as a signal of quality. If a firm knows its product is of low quality, it will be willing to spend large amounts of money on advertising. When a firm spends a small amount of money on advertising, this signals that the quality of the good is high. Read the following example and determine whether it illustrates a common critique or defense of advertising. Raphael sees a commercial for a Brand X clothing company that depicts the wearers of the clothes out having a good time with friends. Although he doesn't particularly need new clothes, the commercial prompts him to buy a Brand X t-shirt. This illustrates a common of advertising.

5. Whole Foods appeals to the organic eater a. reference group b. opinion leader c. variable d. market segment of grocery customers. True/False 1. Organic produce has a high perceived value to Whole Foods customers. True False 2. Vegetarians are a subculture of Whole Foods customers. True False 3. Lifestyle plays an important role in Whole Foods' customers' decision making. True False 4. Amazon's acquisition of Whole Foods is a relationship commitment. True False 5. Amazon has a large pool of secondary data from their customer's online orders. True False

1. "Hockey players are crazy if they think the NHL can survive free agency. Salaries will go out of the roof and, teams will bid so high for a few outstanding players, that they will be financially ruined." This comment was made in the Vancouver Sun almost 15 years ago. Salaries have risen a great deal, and yet the NHL have survived. What is the mistake made in the analysis? 2. Draw a market demand and supply curve, making sure you label the graph carefully. Suppose the government passes a price floor law that states the price of the good cannot fall below a certain price. Draw this situation in your graph. What is the new quantity demanded? Quantity supplied? İs there a shortage or surplus?

5. The role of brand names and advertising Which of the following statements about expenditures on advertising is true? When a firm spends a large amount of money on advertising, advertising can be construed as a signal of quality. When a firm spends a small amount of money on advertising, this signals that the quality of the good is high If a firm knows its product is of low quality, it will be willing to spend large amounts of money on advertising. Read the following example and determine whether it illustrates a common critique or defense of advertising. While shopping for soda, Kyoko is trying to determine whether to purchase the generic cola or the brand ZCola. Although she would not notice the difference between the two in a blind taste test, she buys the higher-priced ZCola because she has seen it advertised as being "The drink that's the life of partieZ." of advertising. This illustrates a common defense

Economics As you read in the articles for Chapter 11, several brands are replacing their brand mascots. In 2021, the well-known Aunt Jemima brand transitioned into Pearl Milling Company. Why do you think it took so long for Pepsico to change the brand's name and image? How are consumers responding? Do you think the new name was well- chosen? Why or why not (be sure to use

6. What does the online promotion cycle start? a. Assess the need for promotion. b. Determining the target market. c. Launching the promotional campaign. d. By drafting the promotional message

Q3 solution needed  company: Amazon 1) Choose one product and identify its market structure among a perfectly competitive, monopoly, monopolistically competitive, and oligopoly and explain why.    Product:   Perfectly competitive: Monopoly: Monopolistically competitive: Oligopoly: 2) Choose one company for your product and describe its history and at least three unique characteristics of that company.    The company for my product that I have chosen is ________. _____’s notable historical moments include ________. Three unique characteristics of _______ include _______.   3) Show and describe historical data on its quantities produced (sales), its price, and its revenue at least 10 years.

4. Product variety and information for consumers are gains from: A) Monopoly B) Oligopoly C) Monopolistic Competition D) Perfect Competition

17.Which of the following statements about monopolistically competition is CORRECT: A. Earn abnormal profits in the long run. B. Always make profit in the short run because of monopoly power. C. Charge a price equals to minimum average total cost in the long run. D. In the long run, produce at price greater than marginal cost 18.(a) Explain whether each of the following statements applies to microeconomics or      macroeconomics:      (i)   The jobless rate in the housing industry has increased substantially in 2020.                       (ii) A national car rental company has shut down due to Covid-19.              (iii) The inflation rate in Malaysia has decreased by 2% last year.                (b) Discuss how a market system and a command economy try to cope with economic       scarcity.

2. As a consumer of the products or services provided by these Big Tech companies, are YOU helping fellow consumers with fair business practices or supporting Big Tech firms grow in market power? Do explain

8. There are nearly three billion shares of Facebook stock. Sam, who owns 100 shares of the stock, hopes to raise the market price of the stock by buying another 100 shares. The main reason his endeavor will fail is that: A) he is such a small part of the overall market that his extra demand will have a negligible effect on the market price. B) Facebook is a monopoly and therefore controls the price of its stock. C) the Securities and Exchange Commission will intervene if anyone tries to influence stock prices. D) the other stockholders will attempt to neutralize Sam's efforts.

4. A significant advantage of using a standardized strategy for all of a firm's markets is A customized promotional messages for each market. B the ability to satisfy varied market segments. C the consideration that is given local tastes and preferences D economies of scale that grow out of large production runs. E variety in products and promotions.

part C D i need it in words  not hanndwritten

Firms compete in different types of market structures. In the real world, most markets are either monopolistically competitive or oligopolistic, and a few markets have a monopoly. Note that perfect competition is rare because no market has all the characteristics of a perfectly competitive market as described by the theory of perfect competition.  1. (a) What is a monopoly? Give an example.     (b) How many firms are there in the Internet provider market?          Is it easy or difficult for new firms to set up and compete in this industry? Explain.     (c) How do firms in the Internet provider market compete?

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1. compare the quantity and price of an oligopoly to those of a monopoly 2. compare the quantity and price of an oligopoly to competitive market

media economics course   Question #1:   A lot of media regulation is geared towards areas such as content (protecting children) and ownership. Why are these two areas so important, and how do they differ around the globe? Question #2: What is censorship, and why do some governments openly engage in censorship involving the media industries? In what ways will this continue to play a role in media and economics? Question #3: The Internet has raised a number of legal issues since its development. One hot issue in the 21st century is that of net neutrality. What is net neutrality, and what are the two main opposing views on the topic? Where do you stand on the subject of net neutrality? Question #4: What's the role of advertising in today's media economics? What are some policies involving advertising within the media landscape, especially within economics? Question #5: Define content regulation and its role in today's media economics? In what ways will content regulation shape the media…

1. Economic theory suggests that the consumer prejudice explanation for discrimination means that consumers will have to pay more to be served by employees of a specific group. Group of answer choices True False   2. Celebrity endorsements are often used by monopolistically competitive firms to boost the reputation of the product that is being endorsed. Group of answer choices True False 3. If a monopolist is producing at that output where price equals average variable cost in the short run, then it is earning a negative profit. Group of answer choices True False