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Why has China experienced substantial economic growth since the late 1970s?
Answer this question… Local governments have been granted more independence when making economic policy.
A purely competitive firm is precluded from making economic profit in the long run because?
it is a price taker
Suppose that the pen-making industry is perfectly competitive. Also suppose that each current firm and any potential firms that might enter the industry all have identical cost curves with minimum AT?
$1.25.
Why is timber industry important to Canada's economy?
The timber industry is crucial to Canada's economy as it significantly contributes to job creation, particularly in rural and northern communities where employment opportunities are limited. It generates substantial export revenue, making Canada one of the world's leading exporters of forest products. Additionally, the industry supports various sectors, including construction and manufacturing, fostering economic growth and innovation. Sustainable forest management practices also align with environmental stewardship, ensuring long-term viability for the industry and the economy.
Is the computer industry an oligopoly?
The computer industry exhibits characteristics of an oligopoly, particularly in sectors like personal computers and operating systems, where a few dominant firms, such as Microsoft, Apple, and Intel, hold significant market share. These companies have substantial resources and influence, making it difficult for new entrants to compete effectively. However, the industry also features a diverse range of smaller players and niche markets, which introduces competitive dynamics. Overall, while there are oligopolistic elements, the landscape is complex and continually evolving.
What types of manufacturing are important in Canada's economy?
There is a large car making industry in Canada, as well as a substantial pulp and paper industry, a lumber industry, a beer industry, a maple syrup industry, etc.
Why has China experienced substantial economic growth since the late 1970s?
Answer this question… Local governments have been granted more independence when making economic policy.
A purely competitive firm is precluded from making economic profit in the long run because?
it is a price taker
What was New Hampshire's main products and industry?
New Hampshire's main products and industry were fishing, farming and making ships. These were the main economic products which they exported.
Suppose that the pen-making industry is perfectly competitive. Also suppose that each current firm and any potential firms that might enter the industry all have identical cost curves with minimum AT?
$1.25.
Why is timber industry important to Canada's economy?
The timber industry is crucial to Canada's economy as it significantly contributes to job creation, particularly in rural and northern communities where employment opportunities are limited. It generates substantial export revenue, making Canada one of the world's leading exporters of forest products. Additionally, the industry supports various sectors, including construction and manufacturing, fostering economic growth and innovation. Sustainable forest management practices also align with environmental stewardship, ensuring long-term viability for the industry and the economy.
Is the computer industry an oligopoly?
The computer industry exhibits characteristics of an oligopoly, particularly in sectors like personal computers and operating systems, where a few dominant firms, such as Microsoft, Apple, and Intel, hold significant market share. These companies have substantial resources and influence, making it difficult for new entrants to compete effectively. However, the industry also features a diverse range of smaller players and niche markets, which introduces competitive dynamics. Overall, while there are oligopolistic elements, the landscape is complex and continually evolving.
Why did congress pass the Sherman antitrust act in 1890 How did the act attempt to regulate industry?
Congress passed the Sherman Antitrust Act in 1890 to address growing concerns over monopolies and anti-competitive practices that stifled competition and harmed consumers. The act aimed to promote fair competition by making it illegal to restrain trade or commerce through monopolistic tactics. It empowered the federal government to investigate and prosecute companies that engaged in anti-competitive behavior, thereby attempting to regulate industry and protect the economic interests of the public.
What happens when a firm is making an economic profit?
When a firm is making an economic profit, it is earning more than just the minimum amount needed to cover its total costs, including both explicit and implicit costs. This indicates that the firm is effectively utilizing its resources and has a competitive advantage in the market. Economic profits attract new entrants to the industry, as other firms seek to capitalize on the profitable opportunities, potentially leading to increased competition and driving profits down over time. Ultimately, sustained economic profits may signal to the market that the firm has a unique capability or resource that is not easily replicated.
How far across the world did the steel industry spread?
The steel industry has spread globally, with significant development in regions such as North America, Europe, Asia, and more recently, Africa and South America. Major steel-producing countries include China, India, the United States, Japan, and Russia, which collectively account for a substantial portion of global steel output. The industry's expansion has facilitated economic growth and infrastructure development worldwide, making steel a fundamental material in construction, transportation, and various manufacturing sectors.
What are the barriers to entry in the hard drink industry?
Barriers to entry in the hard drink industry include high capital requirements for production facilities and equipment, regulatory compliance for licensing and safety standards, and established brand loyalty that favors well-known companies. Additionally, distribution networks can be difficult to penetrate due to existing relationships between distributors and established brands. Lastly, marketing and advertising costs can be substantial, making it challenging for new entrants to gain visibility in a competitive market.
What effect does catering have on the UK economy?
Catering significantly contributes to the UK economy by generating employment, supporting local suppliers, and boosting tourism. The sector enhances consumer spending in restaurants, events, and hospitality services, stimulating economic growth. Additionally, it plays a vital role in the food and beverage industry, which is a substantial part of the UK's economy. Overall, catering fosters community engagement and local business development, making it an integral component of the economic landscape.
