What Is An Organization?
It is a deliberate arrangement of people to accomplish some specific purpose each organization has a distinct purpose each organization is composed of people all…
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Why Study Management?
Universality of ManagementManagement is needed in all types and sizes of organizations at all organizational levels in all work areas Management functions must be performed…
Equilibrium Expenditure
A. Aggregate Planned Expenditure and Real GDP Aggregate planned expenditure is the sum of planned consumption expenditure, investment, government purchases of goods and services, and…
Identifying Monopolistic Competition.
1. The Four-Firm Concentration Ratio The four-firm concentration ratio is the percentage of the value of sales accounted for by the four largest firms in…
What is Monopolistic Competition?
Monopolistic competition is characterized by four factors: a large number of firms, product differentiation, competition on price, product quality, and marketing, and firms are free…
Output and Price Decisions
The Firm’s Profit-Maximizing Decision Facing a downward-sloping demand curve, a firm in monopolistic competition chooses its profit-maximizing price and quantity as does a monopoly. The…
Product Development and Marketing
A.Innovation and Product Development A firm in monopolistic competition will continuously develop new products so that it can continue to earn an economic profit. If…
The Expenditure Multiplier
The Basic Idea of the Multiplier The multiplier is the amount by which a change in any component of autonomous expenditure is magnified or multiplied…
The AD Curve and Equilibrium Expenditure
The Aggregate Demand (AD) curve can be derived from the aggregate expenditure model. An increase in the price level decreases aggregate expenditure. The decrease in…
Value-Based Strategies for Industrial Products
A value-based strategy can be a uniquely effective way to gain, over time, a commanding lead over the competition. Economic Value to the Customer (EVC)…