Describe the market structure of the beverage industry
What will be an ideal response?
The beverage industry is a highly competitive one, which is experiencing rapid rates of growth due to changes in taste and preferences of the population. The change in demographics as well as in the socio-economic profile of the population is giving rise to the demand for new products which emphasize nutrition and low calories, as well as products which have a health benefit. There are two dimensions of this industry -- the entire refreshment beverage market is monopolistic competition. However, if we focus only on firms that produce and sell carbonated soft drinks, then the market structure resembles more like an oligopoly.
In addition, firms in this industry will have to constantly find ways to differentiate their products by identifying niche market segments and working with health professionals and keeping up with changing demographics, and design products which meet the special needs of the targeted groups.
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Which of the following statements is true of the Europeans in the period of colonization?
A) Europeans set up extractive economic institutions in all areas. B) Europeans set up relatively extractive economic institutions in areas that had greater population densities. C) Europeans set up relatively inclusive economic institutions in areas that had greater population densities. D) Europeans set up inclusive economic institutions in all areas.
Which group below will generally have a more difficult time finding employment if a nation's minimum wage were increased?
A) Those with more work experience B) Those who are among the younger job seekers C) Those who form the majority race in the population D) All of the above.
Consider a small economy in which consumers buy only two goods: apples and pears. In order to compute the consumer price index for this economy for two or more consecutive years, we assume that
a. the number of apples bought by the typical consumer is equal to the number of pears bought by the typical consumer in each year. b. neither the number of apples nor the number of pears bought by the typical consumer changes from year to year. c. the percentage change in the price of apples is equal to the percentage change in the price of pears from year to year. d. neither the price of apples nor the price of pears changes from year to year.
The measure of production that values production using current prices is called Question 3 options:
A. nominal GDP. B. value-added GDP. C. underground GDP. D. real GDP.