The following is a possible effect of government regulation on a natural monopolist the firm faces a horizontal demand curve.
As Irving Fisher explained, a monopoly is an uncompetitive market that creates a situation in which a particular person or firm is the sole supplier of a particular thing.
A monopoly is a person, group or company that controls and controls the market for a particular good or service. This lack of competition and lack of alternative goods or services means that the monopolist has sufficient power to charge a higher price in the market. We are a company that is irreplaceable. Unregulated monopolies have market power and can influence prices. Examples: Microsoft and Windows, DeBeers and Diamonds, your local natural gas company.
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tina, a waitress at the riverfront grill, is angry that a customer complained that his soup was cold because of her slow service. riverfront owner max griffin reminds her that she must focus on service quality as defined by a. the customer's perceptions. b. temperature guidelines. c. restaurant management. d. the health department. e. general practices.
Tina needs to concentrate on service quality as perceived by the client.
How does service quality work?A company's service quality can be determined by comparing how well it meets customer expectations. Customers buy services to address particular needs. They have criteria and expectations for how a company's service delivery meets their demands, either consciously or unconsciously. A business with great service quality provides clients with services that meet or surpass their expectations.
Your company's profitability and reputation can both rise as a result of measuring and improving service quality. Service quality can directly affect your company's capacity to meet client demands while maintaining competitiveness, regardless of the industry. A important skill to have is the ability to assess and enhance the quality of your services, but doing so requires knowledge and experience.
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A social facilitation effect can be maintained if
the task is meaningful to the people working on it.
group members do not know each other.
performance goals are ambiguous.
group members believe that their lack of effort will go undetected.
the culture supports individualism.
2."I really admire Joel, our team leader," said Jami. "Our team has tough goals to accomplish, and Joel doesn't just supervise us, he
serves as an advocate."
will evaluate the final product."
does real work."
oversees our work."
serves as a resource."
3.At the _____ leadership level, the team leader handles most (if not all) of the leadership duties, including assigning tasks, making and explaining decisions, training team members, and managing members one-on-one.
laissez-faire
team
democratic
supervisory
participative
4.In a new team work environment,
people work by themselve
jobs are narrowly defined.
managers and team members plan together.
training for nonmanagers focuses on technical skills.
risk taking is discouraged and punished
5.A _______ is a small number of people with complementary skills who are committed to a common purpose, set of performance goals, and approach for which they hold themselves mutually accountable.
group
sample
population
system
team
Answers to the above Questions about Social facilitation, Leadership level, team Work etc. are mentioned below in a chronological manner:
1. If the task has importance for the people working on it, the social facilitation effect can continue.
So, option (A) about Social facilitation would be the appropriate response. The tendency for the presence of others to enhance a person's performance on a task is known as social facilitation.
2. The team has challenging objectives to meet, and Joel doesn't only supervise them—he also acts as a resource. So, choice D would be the proper one.
3. At the supervisory leadership level, the team leader is responsible for the majority (if not all) of the leadership responsibilities, including task delegation, etc. Thus option D, Supervisory is correct.
4. Managers and team members plan together in the new environment of teamwork where cross-training is the norm.
5. A team is made up of a limited group of individuals with complementary abilities who are dedicated to a shared objective, set of performance standards, and strategy for which they hold one another accountable.
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studies that compare the wages of more risky and less risky occupations estimate the value of a human life to be about a. $20 million. b. $10 million. c. $5 million. d. $1 million.
Studies that compare the wages of more risky and less risky occupations estimate the value of human life to be about $10 million. Option B.
Wages are payments made by an employer to an employee for work performed over a period of time. Examples of wage payments include minimum wages, applicable wages, compensatory payments such as annual bonuses, and compensatory payments such as prizes and tips.
Payment history shows wages paid to an applicant for employment by the applicant's current or previous employer or employers. The main goal of wage and salary management is to create and maintain a fair wage and salary system.
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a firm's employees would be considered __________________ in the business.
A firm's employees would be considered stakeholders in the business.
An investor or shareholder is an individual, organization, or establishment that possesses no less than one portion of an organization's stock or in a common asset. Investors basically own the organization, which accompanies specific limitations. This kind of proprietorship permits them to receive the rewards of a business' prosperity.
These rewards come as expanded stock valuations or monetary benefits dispersed as profits. On the other hand, when an organization loses cash, the offer cost perpetually drops, which can make investors lose cash or endure decreases in their portfolios.
A solitary investor who possesses and controls over half of an organization's extraordinary offers is known as a greater part investor. In correlation, the people who hold under half of an organization's stock are delegated minority investors.
Most majority shareholders are company founders. In older, more established companies, majority shareholders are frequently related to company founders.
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if a company wants to speed up cash collections from customers, what method would it most likely use to accomplish this goal?
Company can speed up the cash collection from customers by optimizing the billing policy, by monitoring the receivables and following up unpaid invoices.
There are many effective ways to speed up cash collections from customers. Every business needs a formal policy for billing and collections. Set up a formal billing system in your organization that ensures bills are sent out on time. Use a standard format for your bills that encourages people to pay on time and in full. Make sure every bill contains all the details the customer needs to make the payment, as well as a deadline for payment. It is vital for any business to know how much cash is coming in on a daily or weekly basis. Put a system in place that keeps track of payments received, as well as tracking which bills are still outstanding. When customers don’t pay their bills on time, you need to follow up with them. Begin by sending a friendly reminder that the bill is still due in many cases, this reminder will do the trick.
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What is the coordination value during the Army Problem Solving process? Select the best answer from the
options below, and then select SUBMIT. a. It excludes those affected by the decision. b. It informs others of
situations that may affect them. c.It avoids duplication of effort. d. It prevents others from solving the problem.
C. It avoids duplication of effort. Coordination is an important part of the Army Problem Solving process. It helps to ensure that all stakeholders are aware of the problem at hand and that no one is wasting time and resources by duplicating efforts.
The Importance of Coordination in the Army Problem Solving ProcessCoordination is an important part of the Army Problem Solving process because it helps to maximize efficiency and minimize duplication of effort. By coordinating with all stakeholders, everyone is aware of the situation and can work together to find the most effective solution to the problem. This helps to ensure that resources are being used in the most effective way possible, and that no one is wasting time and resources by working on the same problem independently.
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which of the following does moody's not consider in deriving the credit rating of a company? select one: a. profitability ratios b. loan covenants c. solvency ratios d. collateral e. none of the above
Moody's not considered in deriving the credit rating of a company is none of the above.
The derivation process forms new words (usually different categories) from existing words. In English, this is mostly done by adding affixes. For example, industrialization and destruction can be seen as derivatives in the process.
To derive means to formulate a formula or equation for a particular situation or phenomenon. Similar to analysis, differentiation means taking the derivative of a function.
I will call you on time. Please check your watch if you are 3 minutes late. The word punctual comes from the Latin punctual, meaning "point". To arrive on time, you have to arrive at the right time.
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a company issues $500,000 of 6%, 10-year bonds dated january 1, 2017 that mature on december 31, 2026. the bonds pay interest semiannually on june 30 and december 31 each year. if bonds are sold at par value, the issuer records the sale with which of the following entries? multiple choice question. debit to cash $500,000; and credit to bond payable $500,000. debit to bond payable $500,000; and credit to cash $500,000. debit to cash $500,000; debit to interest expense $300,000; and credit to bond payable $800,000.
A company issues $500,000 of 6%, 10-year bonds dated January 1, 2017 that mature on December 31, 2026. If bonds are sold the entries are: Debit to Cash $500,000; and credit to Bond Payable $500,000.
Option A is correct.
Bond payable:Bond payable are form of debt securities are a type of debt financing issued by corporations, governments, and other entities to raise capital. As part of the financing, the issuer of the bond is obligated to make periodic interest payments over the term of the loan and to repay the principal when due.
Where will the bond be paid?As the bond issuer, the company is the borrower. Therefore, issuing a bond creates a liability. Liabilities therefore appear on the liability side of the company's balance sheet. Fixed Income liabilities are generally classified in the long-term liability class.
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Which of the following characteristics applies to an oligopoly market ? a) There is a large number of firms b) Firms are large relative to the size of the product c) Firms produce only differentiated products d) All firms are price takers
If an oligopoly market has those features, companies only manufacture products that are unique.
Describe the oligopoly market?
A small number of dominating businesses control a market including an oligopolistic market structure. When a company's actions have a significant effect on the competing businesses in the market, it can be said that there is a sort of "imperfect competition" present.
How do economists identify an oligopoly in a market?
Concentration ratios, which calculate the share of the market that each firm controls, can be used to spot oligopolies.Economists frequently classify an industry as an oligopoly when it has a high concentration ratio.
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QUESTION 15 Reynold's Furnishers is experiencing a period when their sales are increasing at a slower rate. The company realizes that new users cannot be added indefinitely and that, sooner or later, its market will approach saturation. Which stage is the company now entering?
O End of the decline stage
O End of the introductory stage
O Beginning of the growth stage
O Beginning of the maturity stage
QUESTION 16 A new range of organic confectionary was introduced by Bounty Foods. The company is forced to give its dealer high margins and also needs to invest heavily in advertising. Bounty's production costs are also high. In which PLC stage is Bounty Foods most likely to be?
O Introductory stage
O Growth stage
O Maturity stage
O Decline stage
QUESTION 17 Francisco, an affluent college graduate, buys gadgets on the day of their launch in the market. He reads expert reviews on the internet and is not influenced by the opinions of his family and friends while choosing products. Francisco is most likely to belong to the category of ___ in the context of diffusion of innovation.
O the late majority
O innovators
O the early majority
O early adopters
QUESTION 18 Which of the following is characteristic of both early adopters and the early majority? Both groups tend to be opinion leaders. Both rely on group norms and values. Both desire to earn the respect of others. Both are influenced by social media websites and digital promotions. Identify a similarity between laggards and innovators. Neither relies on group norms. Neither is rooted in tradition. Both are eager to try new products. Both exhibit short adoption time.
Reynold's Furnishers is at the beginning of the maturity stage. Bounty Foods is in the introductory stage, and Francisco is in the category of Innovators; the characteristics of both early adopters and the majority both rely on group norms and values.
What is the introductory stage of a product?The product or brand life cycle consists of four stages, and the introductory stage is the first one. The introduction is considered to be a risky phase that can bring either very significant gains or losses in the following product stages.
The Challenge of this stage is to have enough money to launch the product on the market.
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which type of loans are made to established businesses that have demonstrated a strong overall credit profile and have shown excellent creditworthiness and an extreme probability of repayment?
Unsecured term loans are made to established businesses that have demonstrated a strong overall credit profile and have shown excellent creditworthiness and an extreme probability of repayment.
What is a credit profile?An electronic record of your credit activity is your credit profile or credit report. Whether your credit application is granted or declined, it always counts as an inquiry on your credit report. Your credit report serves as a record of your credit availability and credit usage. Your credit report is made up of the basic account and personal data that a credit agency compiles into a report. Banks and lenders are more likely to approve your credit applications if you have good credit. This implies that you will have a higher chance of approval when applying for credit cards, loans, or mortgages and may have to wait less time for the results of your application.
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in mrp, under lot-for-lot ordering, planned-order receipts are:
Planned-order receipts and planned-order releases are orthogonal in mrp's lot-for-lot ordering system.
What is meant by MRP?A system called materials requirements planning (MRP) determines the materials and parts required to make a certain product. This consists of three main steps: listing the components and materials already present, deciding which more are required, and then planning for their manufacture or acquisition.
What is MRP and ERP?ERP & MRP are two software programs that are frequently used (material requirements planning). Find out the advantages of each software program, why your company might require an ERP and MRP system, and how they can integrate easily to help you run your business more efficiently.
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by blank, ikea noticed that customers often stopped shopping when their baskets or carts were full, so additional shopping bags are now placed throughout ikea stores.
By watching consumers in person IKEA noticed that customers often stopped shopping when their baskets or carts were full, bags are now placed throughout IKEA stores .
Option B is correct.
Consumer behaviour theory :The study of how people make purchasing decisions is known as consumer behavior theory. This theory helps marketers and businesses capitalize on these behaviors by predicting how and when a consumer will make a purchase. Identifying the factors that influence these decisions and highlighting methods for actively manipulating behavior are helpful. The theory of reasoned action was originally developed by Icek Ajzen and Martin Fishbein: a theory of consumer behavior that focuses on the connection between marketing and consumers' preexisting attitudes about making purchases.
Ethnography-like research methods include the following:Buy-alongs or purchases with you: In order to learn how customers react to merchandising and other sales strategies, the researcher goes shopping with the customer.
Question is incomplete,missing part is given below :
By ________, IKEA noticed that customers often stopped shopping when their baskets or carts were full, so additional shopping bags are now placed throughout IKEA stores.
A. using survey data
B. watching consumers in person
C. employing mystery shoppers
D. neuromarketing
E. interviewing employees
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bottlebrush company has operating income of $162,640, invested assets of $214,000, and sales of $856,000. use the dupont formula to compute the return on investment, and show (a) the profit margin, (b) the investment turnover, and (c) the return on investment.
To compute the return on investment:
A) Profit margin = Operating Income/Sales
= 79,662/468,600
= 17%
B) Investment turnover = Sales/Invested assets
= 468,600/142,000
= 3.3
C) Return on investment = Margin * Turnover
= 17%*3.3
= 56.1%
The return is the profit you're making because of your investments. ROI is typically defined because of the ratio of internet profit over the overall fee of the investment. Return on investment is maximum beneficial in your business desires when it refers to something concrete and measurable, to perceive your funding's profits and monetary returns.
ROI measures the quantity of going back on an investment related to that funding's fees. it's far used as a part of analytics and serves as a benchmark for shaping advertising strategies for the future. This allows you to decide what marketing tactics are working and what areas may be improved.
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all of the following are protective responses to encountering food-borne microbes except:
One of the body's defense mechanisms after coming into contact with foodborne microbes is NOT a drop in metabolic rate.
There are three different food safety risks. They are physical, chemical, and biological. managers of food services and health inspectors' first priority. The "danger zone" for foodborne infections is defined as a temperature range of 40°F to 140°F. Bacteria that cause food poisoning proliferate most quickly at these microbes temperatures. The ambient temperature is dangerous. Because microbes are present everywhere, maintaining cleanliness is crucial for avoiding foodborne disease and metabolic rate. Consumers may be comfortable that they are doing their part to Be Food Safe by keeping everything that comes into touch with food clean.
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which global facility type manufactures products at low cost but with skilled workers and significant managerial resources? which global facility type manufactures products at low cost but with skilled workers and significant managerial resources? server factory lead factory outpost factory source factory contributor factory offshore factory
The source factory is a global facility that manufactures products at a low cost but with skilled workers and significant managerial resources.
A source factory creates and manufactures a component or product for a company's global markets.
Efficient Supply Chain Management (SCM) processes rely heavily on strong supplier relationships. Collaboration with vendors to supply raw materials required throughout the manufacturing process is what sourcing entails. To source goods, a company may be able to plan ahead of time and collaborate with a supplier.
In general, Supply Chain Management (SCM) sourcing entails:
The raw materials meet the manufacturing specifications required for product production.The prices paid for the goods are reasonable in comparison to market expectations.Due to unforeseen events, the vendor has the ability to deliver emergency materials.The vendor has a track record of delivering high-quality goods on time.Supply chain management is especially important when working with perishable goods. When sourcing goods, businesses should consider lead time and how well a supplier can meet those requirements.
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if an individual owns a piece of property and has the unlimited authority to use and sell the property, they:
If an individual owns a piece of property and has the unlimited authority to use and sell the property, they own the property in fee simple absolute.
Any property owned by a human being or other private entity is considered private property. Intellectual property is included together with other intangible, tangible, and personal assets.
Real or personal property are two common categories for private property, however not all real or personal property is private property. A person who finds something gets ownership of it in the eyes of everyone but the rightful owner. He is in possession of it, thus the justification.
A person becomes the legal owner of a piece of property if they have been in hostile possession of it for 12 years or longer, at which point the original owner's rights are nullified.
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ed owns a bond which is callable in 2.5 years. the bond has a 6% coupon, pays interest semiannually, has a par value of $1,000, and has a yield to call of 6.3%. what is the call premium if the bond currently sells for $1,044.54?
Ed owns a bond which is callable in 2.5 years. the bond has a 6% coupon, pays interest semiannually, has a par value of $1,000, and has a yield to call of 6.3%. If the bond currently sells for $1,044.54 then call premium is $60.
A bond is a form of instrument used in finance in which the issuer is indebted to the holder and is bound by the terms of the bond to repay the bond's principal and interest on the maturity date.
Semi-annually, annually, and less often at other times, interest is usually due at certain intervals. Thus, a bond is a type of loan or IOU. Bonds allow borrowers to access external capital to finance current spending or, in the case of government bonds, long-term investments.
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which of the following is similar for both a competitive industry and a monopoly?
A monopoly is a business that operates in a market with little to no competition and is able to control the conditions and prices it charges customers, allowing it to be very successful.
a market setup where there is just one vendor and one sort of items offered. In a market with a monopoly, the seller is the only provider of the goods since there are no other suppliers who can compete. When a business has a monopoly, its product is sold only and there are no close alternatives. Unchecked monopolies have the capacity to determine prices and control the market. Examples include the relationship between Microsoft and Windows, DeBeers and diamonds, and your local gas company. A monopolist is a person, group, or company that completely dominates and controls the market for a certain good or service. The monopolist may charge exorbitant prices since there are no competitive goods or services or competitors.
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All of the following are unique features of e-commerce technology, except A) personalization/customization. B) interactivity. C) universality. D) richness. E) global reach.
C. Universality
The following are the unique features of e-commerce technology, except universality. E-commerce technology does not have universality features.
E-commerce is all trading activities carried out through electronic media. For television and telephone, it is available, but more e-commerce occurs over the Internet. Technological developments, especially the Internet, affect many areas of life, including retail. Trade has changed in terms of the process of buying and selling and marketing of products. This trading process is commonly known as electronic commerce or e-commerce for short. This understanding of e-commerce can lead to misunderstandings about how e-commerce systems and markets work. The term e-commerce is used to describe all transactions using electronic media. While the marketplace itself is one of the e-commerce models and acts as an intermediary between sellers and buyers. Seller's trading in the market only need to buy.
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Which of the following is not one of the principles of the AICPA's code of conduct?
a. integrity
b. due care
c. scope
d. trustworthiness
based on the comparison in the video between cola, fruit-flavored soda, and fruit juice, what can we assume about the processed non-diet drinks we purchase at the grocery store?
We may anticipate that fruit drinks and sodas may contain significant levels of added sugar.
Foods that have been highly or ultra-processed typically have fewer or no minimally or unprocessed ingredients and have increased levels of calories, salt, fat, and added sugars. Additionally, they frequently include chemicals like thickeners and taste enhancers.Any food that has undergone a modification from its original state is referred to as processed. Food that has been simply chopped, washed, heated, pasteurised, cooked in a can, frozen, dried, dehydrated, blended, or packed falls under this category. Additionally, it can refer to food that has been supplemented with salt, sugar, fat, nutrients, tastes, or salts.Thus this is what we can assume about the processed non-diet drinks.
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an investor's degree of risk aversion will determine his or her ______.
An investor's degree of risk aversion will determine his or her optimal mix of the risk-free asset and risky asset.
Risk aversion can be referred to or considered as the measure to which an investor avoids taking any risks for generating any sort of returns over his or her investments through monetary engagement.
Moreover, the concept of risk-aversion may be referred to completely avoiding capital risks related to the loss of assets or a decrease in the returns generated over the investments being made.
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what is the name of the product(s) that makes us the most money (qty*price) across all orders for that product? returns 1.
The MAX() function returns the largest value of the selected column,the name of the product(s) that makes us the most money (qty*price) across all orders for that product.
Money is a good that is widely used as a method of exchange for goods and services. It is the channel through which costs and values are communicated; as money, it moves anonymously from one person to another and from one nation to another, promoting trade; it also serves as the primary indicator of wealth. Etymology. The French word monnaie is a translation of the Latin word moneta, which means "coin." The Juno temple atop Capitoline, one of Rome's seven hills, is said to be the source of the Latin name. Juno was frequently equated with money in the ancient world.
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b. maxus corporation generated taxable income/(loss) of $10,000, ($40,000), $45,000, and ($70,000) in 2018, 2019, 2020, and 2021, respectively. what is the nol carryforward to 2022, if any?
The NOL Carryforward to 2022 is $165,000.
An NOL is a net operating loss, which is a type of tax deduction. It occurs when a company or individual has more expenses than income and results in a negative taxable income.
The NOL can be used to offset income in future years, reducing taxable income and resulting in a lower tax liability.
Calculate the net operating loss (NOL) for each year:
2018: $10,000 (taxable income)
2019: ($40,000) (taxable loss)
2020: $45,000 (taxable income)
2021: ($70,000) (taxable loss)
Calculate the cumulative NOL:
Cumulative NOL = ($40,000) + ($70,000) = ($110,000)
Calculate the NOL Carryforward to 2022:
NOL Carryforward to 2022 = ($110,000) - ($45,000) = ($165,000)
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cromwell industries is considering a new project which will have costs, revenues, etc. as shown by the data above. if the cost of capital is 8.0%, what is the net present value (npv) of this project?
Cromwell industries is considering a new project which will have costs, revenues, etc. as shown by the data above. if the cost of capital is 8.0% the net present value (NPV) of this project is $62,958.
What do you mean by Revenue?Revenue, which is determined by multiplying the average sales price by the quantity of units sold, is the money made from regular business operations. The top line (or gross income) figure is what is used to calculate net income by deducting costs. Sales are another name for revenue in the income statement.
The concept of net present value (NPV) is used to calculate the current value of all projected future cash flows, including the initial capital expenditure. To determine which projects are most likely to generate the highest profit, it is frequently used in capital budgeting.
To ascertain if a long-term project will be profitable, capital budgeting analysis techniques such as net present value are applied.
Therefore, If the cost of capital is 8.0% the net present value (NPV) of this project is $62,958.
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the difference between budgeted fixed manufacturing overhead and the fixed manufacturing overhead allocated to actual output units achieved is called the fixed overhead . question 2 options: flexible-budget variance efficiency variance combined-variance analysis production-volume variance none of the above.
The difference between budgeted fixed manufacturing overhead and the fixed manufacturing overhead allocated to actual output units achieved is called the fixed overhead production-volume variance.
What does a budget mean?The budget is a thorough plan that describes your monthly or yearly spending. Depending on what you consider to be the most efficient utilization your business cash, you assign every dollar a "task," and then you review your plan and compare it to actuality to find out how you fared.
Which three types of budgets are there?Surplus Budget, Balanced Budget, and Deficit Budget are the three categories of annual government budgets based on estimates.
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tyron is saving up money for a down payment on a motorcycle. he currently has $3532, but knows he can get a loan at a lower interest rate if he can put down $4146. if he invests the $3532 in an account that earns 4.9% annually, compounded quarterly, how long will it take tyron to accumulate the $4146? round your answer to two decimal places, if necessary.
It will take Tyron to accumulate the $4146 in monthly time 1.966.
monthly time = 1.966
final amount = $6355
initial principal = $5648
rate = 6 %
we get here time by this formula
amount = principal × (1+r)^t ............1
put here value and we get time t
6355 = 5648 × (1+ 0.06/ 12)^12*t
1.125 = (1.0025)^12*tW
take ln both side
ln 1.125 = ln (1.005)^12*t
0.1177 = 12 × t × 4.9875 × 10^-3
monthly time = 1.966
To gather or acquire, regularly in gradual levels; heap up: to build up wealth. verb (used without item), ac·cu·mu·lat·ed, ac·cu·mu·lat·ing. to accumulate right into a heap, mass, cover, and so on.; form a steadily growing amount: Snow accrued inside the driveway. His money owed was saved on accumulating.
An accumulation is a gathering or increase of some thing through the years. you may move your palms in hopes of a massive expansion of snow, so you get a day off of school.
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a functional organizational structure requires that the project be a. housed in either the accounting or finance department. b. managed by a company executive. c. housed in several departments or functional areas. d. led by a project manager who can negotiate assistance from personnel in other functional areas
A project manager who is able to secure support from staff members in various functional areas is necessary for a functional organizational structure.
What exactly is functional project management?The project team members in a functional project organizational structure are drawn from various functional departments within a company. A typical company might contain a variety of functional divisions, including HR, Finance, Marketing, Sales, Operations, IT, and Administration.
What various forms of functional organization are there?A vertical hierarchy is a functional structure. The company is separated into various functional sections, each of which has staff members with expertise in particular responsibilities. Because each group has its own autonomous vertical management structure, functional departments frequently work in isolation.
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which alternative better describes the idea that producers are price takers in perfect competition? g
MR = P h alternative better describes the idea that producers are price takers in perfect competition.
In perfect competition, are all participants price takers?
In a market with perfect competition, or one in which all businesses sell the same good, there are no barriers to entry or departure, each business has a little market share, and all consumers are fully informed about the market, all economic factors are regarded as price takers.
What is perfect competition?
According to economic theory, perfect competition exists when all businesses sell the same goods, market share has no bearing on prices, businesses can enter or quit the market without any obstacles, consumers have perfect or complete information, and businesses are unable to set prices.
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