Why do firms produce multiple products?
Firms produce multiple products because the aim is to be a producer that maximizes profit. Firms produce multiple products to get maximum profit.
Should marketing managers or business managers in general refrain from producing profitable products that some target customers want but that may not be in their long-run interest Should firms be expe?
Should marketing managgggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggers or business managers in general, refrain from producing profitable products that some target customers want but that may not be in their long-run interest? Should firms be expected to produce 'good' but less profitable products? What criteria are you using for each of your answers?
Business firms helps to uplift the economy in doing researches looking into the future on how to implements inputs and outputs devices on moving the economy forward. They also hire people, creating jobs, and produce products which people buy, creating capital. Along with government support, they are very important to the economy.
A new entrant represents firms and individual coming into a market with products and services potentially disruptive to the current system. This presents a threat to the business model and products of present, or legacy firms. However, what is a threat to the legacy firms represents a gain to the options and buying power made available to the consumer.
Define monopolistic competition. How price & output is determined under monopolistic competition. Answer: - monopolistic competition: - in 1933, a Harvard university professor, Edward chamberlain" published his book, "the theory of monopolistic competition" in which he defined monopolistic competition as: Definition: - "a market model with freedom of entry and large number of firms that produce similar by slightly differentiated products, advertisement being the principal tool for differentiating the products". Define monopolistic competition There are…
What exists when a large number of firms produce goods that are similar but are perceived by buyers as being different?
the main differences are as follows; 1* Oligopolies have relatively large firms while in perfect compition ther are relatively small firms. 2* Some oligopoloes produce differentiated products. 3* There are entry and exit barriers in Oligopoly due to which firms are able to earn Ab-normal profits even in the long run. 4* The consumers or buyers of the product donot have perfect information regarding the pricing or other such things about the product.