A perfect competition is desired because
A) no single business has a significant impact on quality, price or supply for a given product
B) each business contributes the same amount toward the gross domestic product(GDP) for a given product
C)there are many sellers vying for the buyers in a given market
D) there are a small number of sellers, each with substantial market share, vying for the many buyers in a market
Analyzing the Business Environment
1. A perfect competition is desired because
A, no single business has a significant impact on quality, price, or supply for a given product.
2. In the product development process, marketers should treat their supplies
C, as partners to ensure product success
3. Companies are using social media in their marketing strategies to allow
B, two-way conversations with customers and prospective customers
4. The purpose for applying for a patent is to protect the company's right to
A, produce and sell an invention
5. Understanding a target customer base allows a company to
C, create a marketing strategy that is tailored for a particular group of consumers
6. Consumer markets consist of
C, households that buy goods for personal consumption
7. Which of the following is not a possible supplier impact on product development?
D, under-budgeting supply costs
8. The significant increase in __________ marketing has forced on companies a new set of social and ethical issues that focuses primarily on privacy issues.
D, Internet
9. Which of following is a criticism of cause-related marketing?
A, cause-related marketing is more of a strategy for selling than giving
10. Which of the following is not a customer market targeted by companies?
A, cultural markets
AAureliax, you are correct except for question 1. It is B, each business contributes the same amount toward the gross domestic product(GDP) for a given product.
thank you for the actuall help
ayo,aaureliax you are a God bro
Is it A?
sus
Aaureliax is right except for the first one:
A perfect competition is desired because
b) each business has a significant impact on quality, price, or supply for a given product
Thank you so much I wanna cry, you don't know how much I needed this :')
A perfect competition is desired primarily because of option A) no single business has a significant impact on quality, price, or supply for a given product. This characteristic is one of the core features of a perfectly competitive market.
To understand why a perfect competition is desired, we need to understand what a perfect competition is. In a perfectly competitive market, there are several key features:
1. Many sellers: There are numerous businesses operating in the market, each selling similar products or services.
2. Homogeneous products: The goods or services offered by different sellers are identical or very close substitutes. This means that buyers perceive no significant differences between the products.
3. Price takers: Individual sellers have no influence over the market price. They have to accept the prevailing market price and cannot set their own prices.
4. Perfect information: Buyers and sellers have complete information about the market conditions, including prices, availability, and quality of products.
Now, let's analyze the given options:
A) No single business has a significant impact on quality, price or supply for a given product: This is a characteristic of a perfect competition. It ensures that no individual seller can dominate the market or manipulate prices. With many sellers offering similar products, consumers have more choices, and no single seller can control the market.
B) Each business contributes the same amount toward the gross domestic product (GDP) for a given product: This statement is not valid for a perfect competition because businesses' contribution to GDP varies based on factors like market share, size, and productivity.
C) There are many sellers vying for the buyers in a given market: This is a key feature of a perfect competition. The presence of numerous sellers provides buyers with options and results in competition, leading to better prices and quality.
D) There are a small number of sellers, each with substantial market share, vying for the many buyers in a market: This describes an oligopoly or monopolistic competition, not a perfect competition. In an oligopoly, a small number of firms dominate the market and can influence prices, whereas a perfect competition emphasizes the presence of many sellers.
To conclude, option A is the correct answer. A perfect competition is desired because it ensures that no single business has a significant impact on quality, price, or supply for a given product. This promotes competitive market conditions and benefits consumers.