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A: please find the answer below.
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- In a short essay, explain the competitive advantage strategies of Michael Porter (cost leadership, differenciation, and focus). Use the internet to answer the questionsWhat is a Process of Deciding on a Competitive Approach? What is a Strategic Thinking of Deciding on Competitive Scope? Why is it important?a. John operates a firm producing t shirts. There are many such firms producingidentical products to John. What market structure is this? Is it possible for John tomake a profit in the long run? Illustrate using an appropriate diagram. b. John decides to innovate his business and begins printing t shirts with customercreated content. Will John be able to make a profit in the short run and the longrun? Explain using relevant diagrams and comment on the implied market c. Provide a strategy for John to make greater than normal profits in the long run. Isthis likely to be the case in the market for this good?
- Why is perfect competition assumed to be the best market situation in most cases? Draw a graph showing the long run result of perfect competition and explain why it benefits society.How can cigarettes in perfect competition be productive and allocative efficiency?why do economists and policy makers use perfect competition as a benchmark to analyze market structure and performance?
- How is building a brand in a business-to-business context different from doing so in the consumer market?Try to classify the following firms into one of the fourmarket structure models. Explain your choice.a. Rowena’s gourmet foods (produces and sells a lineof specialty foods)b. Shasta Pools & Spas (swimming pool and spabuilding)c. Merck (pharmaceuticals)d. US Airwayse. UDC Homes (builders)f. Legal Sea Foods (restaurant chain)Elaborate the Perfect Competition Model in detail.