A long term partnership between companies to jointly develop produce or sell products
What will be an ideal response?
Strategic Alliance
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Suppose the United States subsidizes domestic chicken production and then sells surpluses on the world market at a price below the cost of production
In foreign countries, the argument that would made to restrict chicken trade with the United States would be the A) penalizes lax environmental standards argument. B) saves jobs argument. C) infant-industry argument. D) dumping argument. E) national security argument.
Refer to Scenario 10.2. Suppose that in addition to the tax, a business license is required to stay in business. The license costs $1000. What happens to profit?
A) It increases by $1000. B) It decreases by $1000. C) It decreases by less than $1000. D) It stays the same.
Competition between oligopolists drives:
A. collusion to happen frequently. B. some firms out until the market becomes a monopoly. C. price and profits down to the perfect competition level. D. price and profits down to below the monopoly level.
The distinction between a normal and an inferior good is
A. when income increases, demand for a normal good decreases while demand for an inferior good increases B. normal goods are used for the same purposes while inferior goods are used together C. when income increases, demand for a normal good increases while demand for an inferior good falls D. normal goods are used together while inferior good are used for the same purposes