Ceramic Customs Corp

question 11

Multiple Choice

Ceramic Customs Corp.required a specific type of ceramic to make its tiles.Since there was only one supplier for that particular ceramic,the firm was forced to source all of its supplies from it.The firm tried negotiating the price of the material but failed to get any reduction on the cost.This was because:

• A) the supplier had more bargaining power than the firm.
• B) the supply was unlimited.
• C) the supply exceeded the demand.
• D) the industry had barriers to entry.

Comprehend the importance of humor and jokes in social contexts and their underlying social functions.

Understand the dynamics of power in social relationships and its manifestations.

Understand the concept of potential GDP and how high unemployment affects it.

Comprehend the relationship between monetary policy effectiveness and its lags.

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, meaning there is no excess supply or demand.

Equilibrium Quantity

The amount of products or services available that matches the amount consumers are willing to buy at the equilibrium price in the market.

Equilibrium Point

Point at which quantity demanded equals quantity supplied; where demand and supply curves cross.

Equilibrium Price

The cost at which the amount of a product supplied matches the amount of the product desired.