Unfair Competitive Advantages Occur When

question 40

Multiple Choice

Unfair competitive advantages occur when:

• A)one competitor has an advantage others cannot purchase.
• B)market middlemen are displaced.
• C)information is equally distributed and transaction costs are low.
• D)firms are able to gather monopoly profits.

Grasp the long-run adjustments of firms to changes in demand, supply, and cost conditions.

Understand the concept of market equilibrium and how it is represented graphically.

Recognize the factors that can lead to shifts in market demand and supply.

Analyze the short-run and long-run effects of changes in demand and supply on market equilibrium.

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Definitions:

Months

Units of time in the Gregorian calendar, approximately 30 to 31 days long, used to measure longer periods of time than days and weeks.

Pinna

The visible part of the ear that is outside the head, involved in collecting sound waves and directing them into the auditory canal.

External Ear

The visible portion of the ear that resides outside the head, including the pinna and the ear canal, which collects sound waves and directs them to the eardrum.

Otitis

Inflammation of the ear, which can affect the outer, middle, or inner parts, often causing pain and discomfort.