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Case-Based Critical Thinking Questions Case 2-3

question 32

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Case-Based Critical Thinking Questions Case 2-3
Syed and Marino Li own a small furniture consignment shop in Atlanta, GA. Syed is designing a database that will allow them to keep track of item information and seller information. Each item is assigned to one seller; however, each seller may be assigned multiple items in the database. The database will contain the following information: item identification number, item description, seller code, condition of item, retail price of item, item quantity, date item received, condition of item, date the item is sold, the final sale price of the item, seller name, seller address, and seller contact information. Using appropriate database design guidelines, answer the following questions.
Based on the information to be included in the database, which of the following possible field names would be the best common field to include in two or more tables?

Distinguish between overt and covert collusion and their implications for market performance.

Identify factors that facilitate or hinder the establishment and maintenance of cartels.

Understand the prisoner’s dilemma and how it relates to the challenges of cooperation and competition in oligopolies.

Understand different market structures, including monopoly, oligopoly, monopolistic competition, and pure competition.

Definitions:

EMV

Expected Monetary Value; a calculation in decision theory and statistics used to determine the expected value of an uncertain outcome by combining the probabilities of possible outcomes with their respective gains or losses.

Process B

A specific sequence of steps or operations in a series of processes, distinguished by its unique characteristics or outcomes.

Advertising System

The combination of mediums and channels utilized to communicate promotional messages to the target audience, aiming to influence consumer behavior.

Twitter©

A social media platform that allows users to post short messages, known as tweets, to share thoughts, news, or information with followers.