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- Identify two products that have either (a) fallen sharply in price or (b) gotten significantly better without price increases. How did these changes come about? Describe how society benefits from this type of market competition.Everyone shops for things they need for themselves and for gifts for others. Imagine you are taking an online class and you are looking to buy a new computer because your old one died. Class starts in two days. The market for computers is very competitive. There are several brands that have similar characteristics such as storage capacity, processor speed, number of USB ports, etc. but you have owned one that you liked and you want to buy that same brand, the X-Mark. You have a budget of $1,000. One popular store has the brand you like on sale for $850 because other stores are selling them for that price. You have a friend at that store who tells you that the store paid $700 for that computer. Please evaluate and explain the willingness to pay, consumer surplus, demand, producer surplus, cost and willingness to sell of this transaction. Define these terms in your explanation, not as separate definitions. Incorporate the meaning into your narrative so that you write a convincing…How does competition affect prices in a market system? How does it affect supply(what producers provide) and demand (what consumers want)?
- Economic profit is an indication that consumers are willing to pay more for a good or service being offered.It refers to the factor or consideration exhibited by a company, service, product or brand as the reason that one product or service is different from and better than the others and that enables it to stand out from competitors.It is often said that a competitive market is more beneficial for the consumers as compared to the monopoly market. Why ? Explain.
- Find supporting evidence that competition makes markets more efficient in this case.Everyone shops for things they need for themselves and for gifts for others. Imagine you are taking an online class, and you are looking to buy a new computer because your old one died. The class starts in two days. The market for computers is very competitive. There are several brands that have similar characteristics, such as storage capacity, processor speed, number of USB ports, etc., but you have owned one that you liked, and you want to buy that same brand, the X-Mark. You have a budget of $1,750. One popular store has the brand you like on sale for $999.99 because other stores sell them for that price. You have a friend at that store who tells you that the store paid $925 for that computer. Please evaluate and explain the willingness to pay, consumer surplus (calculate), demand, producer surplus (calculate), cost, and willingness to sell this transaction. Define these terms in your explanation, not as separate definitions. Incorporate the meaning into your narrative so that…A free market is one where decisions regarding what and how much to produce are made by the market itself. This market is made up of buyers and sellers negotiating prices for goods and services. It is generally accepted that there are four degrees of competition within a free-market system. These include perfect competition, monopolistic competition, oligopoly, and monopoly. One benefit of the free market is that it allows open competition among companies. Businesses must provide customers with high-quality products at fair prices with good service. If they don't, they lose customers to businesses that do. Select the degree of competition that best describes each listed industry or business based on the description.
- Supplier Set Price Versus Market-Determined Price: Collusion or Competition?the presence of competition in free markets and why A)is undesirable because it results in unnecessary duplication of efforts b)usually result in better quality and lower prices c) is rare since most markets eventually evolve into monopolies d). is undesirable because one big firm can usually produce goods more efficiently than a large number of small firmsWhich of the following statements is true about Andrew Carnegie, John D. Rockefeller, and Henry Ford? They built monopolies and controlled the prices of certain goods. They invested in small businesses to get started. They used effective strategies to contribute to America’s rapid economic growth. They used the assembly line to make their businesses more efficient.