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How can healthy competition encourages the production of high quality product?
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What is vertical integration?
It is a system of controlling all the businesses involved in the phases of production. It is often aimed at controlling the prices for a product by eliminating the competition.
Advantages and disadvantages of Perfect competition market structure?
Advantages of perfect competition i) optimal allocation of resources (ii) competition encourages efficiency (iii) consumers charged a lower price (iv) responsive to consumer wishes: Change in demand, leads extra supply Disadvantages (i) insufficient profits for investment (ii) lack of product variety (iii) lack of competition over product design and specification (iv) unequal distribution of goods & income (v) externalities e.g. Pollution
Is product of shampoo include in monopolistic or perfect competition?
Monopolistic Competition
A significant difference between perfect competition and monopolistic competition is that?
Product differentiation
What are pure competition companies?
Pure competition companies are companies have no control of the price of their product. Their product is standardized throughout all of the companies selling it. There are large numbers of both buyers and sellers of the product.
What is vertical integration?
It is a system of controlling all the businesses involved in the phases of production. It is often aimed at controlling the prices for a product by eliminating the competition.
Why is business monopoly good for businesses?
It isn't, in practice. A monopoly, a single company controlling a commodity or product, will provide all the profit to that company. But without any competition the company will have no need to improve the product or service or the cost of that service or product, thus innovation is stifled. Healthy competition therefor improves the service or product and fosters invention and entrepreneurship.
What is Competition Based Pricing?
Competition based pricing is a price set by a company for a product to compete with another company's pricing. Production and distribution costs are ignored to drive demand towards another brand. This method of pricing can cause a long-term decrease in product perception and decrease a product's value for future profits.
Advantages and disadvantages of Perfect competition market structure?
Advantages of perfect competition i) optimal allocation of resources (ii) competition encourages efficiency (iii) consumers charged a lower price (iv) responsive to consumer wishes: Change in demand, leads extra supply Disadvantages (i) insufficient profits for investment (ii) lack of product variety (iii) lack of competition over product design and specification (iv) unequal distribution of goods & income (v) externalities e.g. Pollution
What is the difference between direct competition and indirect competition?
Direct competition is a company that offers a product that customers may choose over your product. Indirect competition is a company that offers a substitute good.
What is advantages and dis advantages of meger?
Advantages -Increase production skills.. -technology transfer. -reduce competition -increase quality of product -Enter to new market. (if different market.)
How does Sales and Production work together?
to make a profit for a business. as production makes the product and sales ( the answer is in the name) · Production first makes the product · Production then gives the product over to distribution · Distribution then sends the product over to sales · Sales then proceed to sell the product
Is product of shampoo include in monopolistic or perfect competition?
Monopolistic Competition
A significant difference between perfect competition and monopolistic competition is that?
Product differentiation
Is maggi a healthy product or not?
yes it is a healthy product because it has vegetables ,nutrients etc.
Contrast product and production concept?
There are a few different contrasts between product and production concept. Production concept is the general idea of how something will be done and product is what is actually produced.
Competition challenges smart businessman and women to offer customers better products at lower prices true or false?
In perfect competition, quality is homogenous, so false: competition encourages businessmen only to provide products a lower price. Product innovation (aka quality) destroys competition by creating specialisation of a good (also known as monopolistic competition - i.e.) Apple versus Microsoft).
