According to the Five Forces Model, there are five competitive forces that determine the level of ________ in an industry.
A. entry and exit
B. product differentiation
C. supply and demand
D. competition and profitability
Answer: D
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Which of the following would cause the equilibrium price of apple juice to decrease and the equilibrium quantity of apple juice to increase?
A) a decrease in the price of apples B) an increase in the price of orange juice, a substitute for apple juice C) an increase in the price of apples D) a decrease in the price of granola bars, a complement for apple juice
A business produces 5,000 units per month. It spends $12,000 on raw materials. It pays wages of $20,000 . Other costs include $50,000 for rent, paid by the month. In order to break even the selling price per unit will have to be:
a. $25.20 b. $16.4 c. $20.30 d. $28
A monopolistically competitive firm maximizes profit at the point at which price is equal to marginal cost
a. True b. False Indicate whether the statement is true or false
The higher the Herfindahl-Hirschman Index, the more firms there are in a market.
Answer the following statement true (T) or false (F)