Differentiate between the four levels of competition and offer examples of each type.
What will be an ideal response?
The four levels of competition are monopoly, oligopolistic competition, monopolistic competition, and pure competition (examples will vary).
In a monopoly, one firm provides the product or service in a particular industry, which results in less price competition. Power and other utility companies would be examples of monopolies.
In oligopolistic competition, only a few firms dominate the market. Firms typically change their prices in reaction to competition to avoid upsetting an otherwise stable competitive environment. Examples of oligopolistic markets include the soft drink market and commercial airline travel.
Monopolistic competition occurs when there are many firms competing for customers in a given market but their products are differentiated. There are many examples of this type of competition. The text lists sunglasses as one such example.
In a purely competitive environment, a large number of sellers offer standardized products or commodities that consumers perceive as substitutable. Examples include commodities such as grains, gold, meat, spices, or minerals.
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Which of the following is an accurate description of wrongful dishonor of a check?
A) A bank refusing to honor a properly payable check when there are sufficient funds in the drawer's account. B) A bank refusing to honor a certified check when it is presented for payment more than a year from its date of issue. C) A bank refusing to honor a check which has been outstanding for only a few days more than six months from the date of issue. D) A bank refusing to honor an ordinary check when it believes that the payee has altered the amount on the check.
Which of the following statements about today's work environments is most accurate?
A) The "anytime, anywhere" office means that employees work fewer hours. B) "Co-working" requires employees having to be in the office at the same time. C) Traditional offices do not contain flexible workspaces. D) Working from home or on the road makes communication skills even more important.
When an analysis of variance is performed on samples drawn from k populations, the mean square due to treatments (MSTR) is
A. SSTR/nT. B. SSTR/(nT - 1). C. SSTR/k. D. SSTR/(k - 1).