Summary: Management And Innovation Of E Business Is3167
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9 2.2 Perfect competition
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How does perfect competition handle economic profits?
- If firms earn economic profits, new firms will enter the market
- Entry of new firms will drive prices down
- Economic profits for every firm will be zero in the long-run -
What are the conditions that guarantee the existence of perfect competition?
- Perfect competition
- Homogeneous product
- Many buyers and sellers
- Free entry and exit
- Perfect knowledge
- Free movement of factors of production
- No externalities arising out of production and/or consumption -
What happens in perfect competition when firms increase their prices above the market price?
- No demand
- Prices are given
- Demand is completely elastic
- No fall in price if production is increased -
10 2.2.1 E-business in perfect competition
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How can investments in e-business help companies to perform better and increase their efficiency and effectiveness?
- Aid in performing better and increase efficiency & effectiveness
- Provide access to the same resources as competitors
- Help companies outperform competitors
- Essential under conditions of perfect competition
- Necessary to survive in the market -
Why are investments in e-business considered essential in the context of perfect competition?
- Investments add value to firms' performance
- Become a pre-condition to participate in the competitive arena
- Companies failing to invest cannot produce at the same cost as others
- Necessary to survive in a perfectly competitive market
- Companies must keep up with competitors -
How are e-business strategies influenced in a perfectly competitive environment?
- Strategies shaped by the industry
- Do not add specific value
- Can be copied and imitated by competitors without cost
- Become a prerequisite to maintaining pace with the market
- Necessary for survival in a competitive market -
11 2.3 Monopolistic competition
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What is the fundamental difference between monopolistic competition and perfect competition?
- Products in monopolistic competition are different, not identical
- Firms have some degree of price setting power due to product differentiation
- Demand is elastic to price -
What are some ways firms in monopolistic competition differentiate their products?
- Through advertising
- By branding
- Offering convenience of location
- Maintaining product quality
- Building a reputation
- Other factors -
How do firms in monopolistic competition determine the level of output in the short term?
- Fix production where marginal revenue = marginal cost
- Price determined by the demand curve
- Economic profits based on price - average total costs -
What happens in the long run in monopolistic competition as new firms enter the market?
- More firms enter with no barriers to entry
- Increased substitutes for existing products
- Elasticity of demand increases
- Market share for each firm decreases
- Equilibrium reached where no economic profits
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