Answer:
c
Explanation:
Answer:
Imitation.
Explanation:
Organizations following an imitation strategy try to both minimize risk and maximize opportunity for profit, moving into new products or new markets only after innovators have proven their viability. Imitation strategy is one the most effective way of saving your time, energy and money. It is known as the low-cost strategy as well particularly when the option of choosing and selecting is too difficult or costly. This strategy has been widely and successfully used by many well-renowned brands, for example, Coca Cola, once has imitated RC Cola when they replicated their diet cola options, McDonald's has taken the idea of fast food chin from the White Castle.
B) A monopolistically competitive firm faces competition from firms producing close substitutes.
C) A monopolistically competitive firm is guaranteed to make more than normal profits in the long run.
D) A monopolistically competitive firm does not choose a level of output where marginal cost is equal to marginal revenue.
Answer:
Letter b is correct. A monopolistically competitive firm faces competition from firms producing close substitutes.
Explanation:
Monopolistic competition is an economic situation that occurs when companies exhibit imperfect competition, that is, companies market similar but not identical products, which characterize them as substitute but not perfect substitute products.
Products may have different variables, such as quality, price and reputation in the market. The greater the degree of product differentiation, the more price control the company will have.
Answer:
700 units
Explanation:
No of orders per year=annual demand/optimal order quantity
No of orders per year=12,000/600=20
Average orders per month=20/11=1.75
Average Inventory=1.75*400=700
Please note that 11 months are taken as 1 month is lead time therefore it is excluded for per month orders.
Answer:
- Those who contact businesses that have loyal customers
- Those who are loyal before
Explanation:
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