what are the gains from competition? check all that apply course hero

Why does good depend on the high prices of substitute goods?

good relies on the high prices of substitute goods in order to keep its demand up.

What is the price of a good?

The price of a good is equal to its marginal cost.

What happens to the value of a product as more people use it?

value of the product increases as more people use it.

What is the seller concerned with?

The seller is concerned with the behavior of the other sellers.

Can a firm influence the price of a product?

In perfect​ competition, no one firm can influence​ price, but with​ monopoly, a single seller sets the price.

Is there a high entry barrier in perfect competition?

In perfect​ competition, there are high entry​ barriers, but with​ monopoly, barriers to entry are low.

Do monopolies control supply?

competitive firms control market​ supply, but monopolies do not.

What is a self-imposed trade restriction on the quantity of a good that the exporting country is allowed to?

A self-imposed trade restriction on the quantity of a good that the exporting country is allowed to export to another country is called a (n) voluntary export restraint. The United States has placed a limit on the amount of tuna in airtight containers that can be imported into this country.

What are the two objectives of export tariffs?

Two objectives of export tariffs: raise revenue for the government and reduce exports from a sector.

What is the meaning of "a company becomes more competitive"?

For a company to become more competitive, it must ensure that it has adopted effective marketing, increased the quality of goods, and establish good customer care.

How does the competitive landscape affect marketing?

The competitive landscape has a dramatic impact on a marketer's overall strategy for pricing, product development, promotion and logistics.