Which of the Following Factors Is an Internal Force for Change

question 103

Multiple Choice

Which of the following factors is an internal force for change?

• A)Increases in the prime lending rate
• B)Increased attempts by unions to organize new companies
• C)A change in attitude of workers toward unannounced layoffs
• D)The development of new technology that makes your factory obsolete
• E)A foreign competitor introducing a product similar to yours¾but less expensive¾into the U.S.market

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Definitions:

Nondiscriminating Pure Monopolist

A monopolist that charges all consumers the same price for its product, despite potential differences in the market.

Pure Monopolist

A single supplier in a market that controls all the supply of a particular good or service, with no close substitutes available, allowing for the setting of prices.

Profit-Maximizing

The procedure through which a corporation decides on the price and the amount of production that yields the most profit.

Pure Monopolist

A market structure in which a single seller controls the entire supply of a good or service, and where the entry of new competitors is prevented or highly restricted.