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True False An industry consists of all firms that supply output to a particular market?
yes
An industry is best defined as a group of firms that?
An industry is best described as a group of firms
What is manipulation of supply?
Manipulation of Supply is when two firms in an oligopoly industry agree to limit their products so that prices rise to levels higher than those that result from free competition.
What is the definition of expanding industry?
An industry whose firms earn economic profits and for which an increase in output occurs as new firms enter the industry.
Why do price-maker firms never want to produce in the inelastic part of the demand curve?
Price-maker firms never want to produce within the inelastic part of the demand curve because there are few acceptable product substitutes, and a shorter adjustment period, which may impact overall production in a negative manner.
How do conglomerates and vertical mergers differ frim horizontal mergers?
Conglomerate is a merger between firms that are involved in totally unrelated business activities. A vertical merger is a merger between firms that exist in the same supply chain, while a horizontal merger is a merger between firms in the same industry.
What is horizontal and covers similar types of firms and operating practices of the firms?
industry analysis
Distinguish between a firm and an industry?
A firm is an entity where as an industry is a group of firms.
How is task tracking software beneficial for business firms?
Task tracking software is beneficial for business firms as it can help individuals achieve goals. They allow ideas to be turned into actions, tasks to be prioritised, and vizualisation of tasks.
Households pay firms for goods and services. Firms supply households with goods and services. The purchase and supply of goods and services takes place in the .?
product market
Households pay firms for goods and services. Firms supply households with goods and services. The purchase and supply of goods and services takes place in the?
product market
Which products included in the case of demand curve is inelastic and supply curve is perfectly elastic?
Some of the products which are considered perfectly inelastic are rice, fish, meat, etc., or in short is our basic nessecities. These products are under the perfect competetive market structure that's why if the firms increase its price still, the consumers are tend to buy it cause they dont have other choice but its substitute goods. Some of the products which are considered perfectly inelastic are rice, fish, meat, etc., or in short is our basic nessecities. These products are under the perfect competetive market structure that's why if the firms increase its price still, the consumers are tend to buy it cause they dont have other choice but its substitute goods.
