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simple better quality of product then more competition will be suggested by similar product companys same goes each way round. Its human nature to progress, to move on to get better.
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How does that competition influence prices?
If you were the only one that sold (produced) the product, then you could sell it for whatever you wanted. There would be nothing to compare it to. Therefore, you could get more money out of it than if there was someone else producing the same product. More competition means varied prices.
How does the producer benefit from business competition?
Producers benefit from business competition by having to develop proficiency to a much greater level in providing their product or service to the market than they otherwise would have if business competition was lacking.
What is the effect of advertisement on monopolistic competition?
There is not much need for adverticement when one company has a monopoly over one product. It is only needed to remind the people this product exists and where they can buy it. There is no competition if you have monopoly. If the product is coveted/needed/multiuseful usually one session of adverticing can result a rush to the store. This happened during war when there was lack of mostly anything. If you adverticed 'we have bread' you would advertice in a few moments 'we do not have bread'.
How is the market price for a product determined?
Market price is determined by competition and self-interest. Self-interest by the shop owner will make him want to raise his prices in order to make more money for himself. The counterreaction to this is competition. When competition moves in the people will almost always choose the cheaper product, so in order to win the owners lower their prices and try to undersell the competition. Monopolies get rid of competition and therefore would only leave self-interest, and the owner would only raise the prices.
How does competition make prices higher or lower?
If you were the only one that sold (produced) the product, then you could sell it for whatever you wanted. There would be nothing to compare it to. Therefore, you could get more money out of it than if there was someone else producing the same product. More competition means varied prices.
How does that competition influence prices?
If you were the only one that sold (produced) the product, then you could sell it for whatever you wanted. There would be nothing to compare it to. Therefore, you could get more money out of it than if there was someone else producing the same product. More competition means varied prices.
How you would influence a client to choose a product or service?
How you would influence a client to choose a product or service
Does price effect the quality of product?
No price does not affect the quality of a product, in fact, it is quite the opposite. The better the quality of a product, the more expensive this product will be. But don't trust the fact that every expensive product would be of good quality, you just have to know how to test for the best product and the best way would be through a method of sampling.
What happens when you emphasize Development speed over product quality?
What are the advantages and disadvantages of developing software in which quality is “good enough”? That is, what happens when we emphasize development speed over product quality?
How could you determine price in perfect competition under short run?
if i would be told to determine the cost of a certain product for eg:tea then i would pack it such a way that the quantity would be enough to full fill the customers need but of cheaper quality if u think like businessman .== ==
Will you buy an elegant vegan product or a leather i.e. a nonvegan product for the same price?
I guess it depends on how elegant, what the quality is, etc. If they were exactly the same level of elegant, same level of quality, same price, then I would go for the non animal product. If the leather was better quality, I would go for that instead.
How does the producer benefit from business competition?
Producers benefit from business competition by having to develop proficiency to a much greater level in providing their product or service to the market than they otherwise would have if business competition was lacking.
Can you think of a product or a service that you would describe as?
Quality Control aka QC?
What would decrease the quanity of a product sold in a competive market?
The price, the quality
What is a deficient product?
Companies intentionally make products which are not the best quality i.e. deficient in order to ensure people will need to constantly re-buy the product. If the product was made to the best quality possible then the company would easily shut down as after everyone has the product, they would be sorted for life and would not need to buy it ever again.
What is the effect of advertisement on monopolistic competition?
There is not much need for adverticement when one company has a monopoly over one product. It is only needed to remind the people this product exists and where they can buy it. There is no competition if you have monopoly. If the product is coveted/needed/multiuseful usually one session of adverticing can result a rush to the store. This happened during war when there was lack of mostly anything. If you adverticed 'we have bread' you would advertice in a few moments 'we do not have bread'.
How would a cost benefit analysis influence the choice of method to promote one product within your organisation?
With the help of cost-benefit analysis, an organization can decide what product will sell the most. This will also influence the advertising method used to promote a certain product.
