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firm is a single unit which sells goods and services to the public.Idustry is a group of firms
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Distinguish between a firm and an industry?
A firm is an entity where as an industry is a group of firms.
What is the difference between firm and industry?
An industry is a type of business in the economy while a firm is a unit or entity carrying a portion of the business in an economy.
Difference between firm and industry?
a firm is a business unit that operates under a single management. while industry is a group of firm that produce similar products for the same market.
The representative firm in a purely competitive industry?
will
Distinguish between industry demand and firm demand?
Industry demand is subject to genera economic conditions. Firm demand is determined by economic conditions and competition
What are different types of trade?
a) Intra-Industry Trade, b) Inter-Industry Trade, c) Intra-firm Trade, d) Inter-firm Trade
Explain how the general environment and the industry environment are highly related how can such relationship affect the profitability of a firm or industry?
explain how the general environment and industry environment are highly related. How can such interrelationships affect the profitability of a firm or industry?
Distiguish between a firm and the industry?
A firm generally thought of as one company. An industry is a generalization for the type of business in which a company engages. For example, General Motors is a company that builds cars. Automobile manufacturing is the industry.
What are different types of international trade?
a) Intra-Industry Trade, b) Inter-Industry Trade, c) Intra-firm Trade, d) Inter-firm Trade
Is a competitive advantage in a mature industry possible how can a firm differentiate in a mature industry?
Competitive advantage in a mature industry is definitely possible. There are many ways through which a firm can differentiate in a mature industry. Being unique and maintain quality are some of the basic aspects.
Industry structure is often measured by computing the Four-Firm Concentration Ratio. Suppose you have an industry with 20 firms and the CR is 30. How would you describe this industry?
Industry structure is often measured by computing the Four-Firm Concentration Ratio. Suppose you have an industry with 20 firms and the CR is 30. How would you describe this industry?
Firm A one firm in a competitive industry faces higher costs of production As a result conusmers end up paying higher prices Discuss?
If a firm is having higher costs than another in the same industry, they will pass the costs to the consumer. That has to happen if the firm is supposed to make any profits.
