MANAGERIAL ECONOMICS-EBOOK (5TH ED)
5th Edition
ISBN: 9781337676830
Author: FROEB
Publisher: CENGAGE L
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Question
Chapter 10, Problem 1MC
To determine
Industry.
Expert Solution & Answer
Explanation of Solution
All the firms that produce substitute goods are called industry. Thus, option ‘d’ is correct.
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Students have asked these similar questions
Music and melody , an independent store acquires instruments and other music equipment form producers and wholesales and sells them to consumers , music and melody is a ?
A)manufacturer
B)direct sales company
C)wholesaler
D)direct marketing company
E)retailer
How does the company set its goods or services apartfrom those of its competitors? Does the company compete on price, quality, service, innovation, or some otherattribute?
This business deals with creation or production of goods like tables, chairs, and cabinets.
A.Corn Farming
B.Furniture Marketing
C.Hog Raising
D.Poultry Farming
Chapter 10 Solutions
MANAGERIAL ECONOMICS-EBOOK (5TH ED)
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Similar questions
- How are companies able to use the differences in culture to effectively market a product or service to specific groups of people ?arrow_forwardGive an example in the marketplace that describes the principles of the free market (perfect competition) and competition.arrow_forwardImagine that you own your business. It does not need to be the same as in other questions, youare allowed to pick a different firm or product.a.Think about your production process. Please explain the technology that youuse in the production process.b.How do you think the technology that you use, affects the market structureand/or the demand of your product? Note that this question is NOT about howtechnology affects your production process, therefore, NOT about productivity, NOTabout the cost structure.arrow_forward
- why do economists and policy makers use perfect competition as a benchmark to analyze market structure and performance?arrow_forwardHow can a business compete with other businesses that sell the same products? Ā Ā Ā Ā Lower the price of the competing item. Ā Ā Ā Ā Produce less of the competing item. Ā Ā Ā Ā Raise the price of the competing item. Ā Ā Ā Ā Produce more of the competing item.arrow_forwardWhat form of competition best characterizes this market? What characteristics did you identify that led you to that conclusion?coffee shop marketarrow_forward
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