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.
Characteristics of a market with perfect competition is,
Many buyers and vendors: In a market that is totally competitive, multiple buyers and sellers, but none of them can affect the product's price. Products supplied in a market are all homogeneous, meaning they are all the same or very similar.
Perfect information: In an equilibrium price, all market participants have similar capabilities about the market, particularly product costs, standards, and availability.
No entrance or exit barriers: In a market with perfect competition, new firms can enter the market with ease and evolving firms can depart the market with ease and without incurring major expenses, buyers and sellers have little power to alter prices.
Characteristics not of a market with perfect competition:
Lack of product differentiation is necessary for perfect competition. Companies operating in other market configurations may distinguish their goods through distinctive branding or design elements.
Market power is absent . Organizations may have some level of market government and be able to affect prices in various market arrangements.
Long-term balance: Perfect competition results in long-term economic profits for businesses of zero. With alternative market configurations, businesses may experience long term economic gains.
Learn more about homogeneous here:
Answer:
Lies below its demand curve and is steeper than its demand curve.
Explanation:
The marginal revenue curve for a monopolist lies below the demand curve because of the quantity effect. The quantity effect refers to the fact that even a monopolist must lower its price if it wants to sell a larger quantity of goods or services.
The slope of the marginal revenue curve is steeper than the demand curve because it reflects the market power of the monopolist. Instead, the marginal revenue curve for a perfectly competitive firm (with 0 market power) is horizontal or perfectly elastic.
b. Personal financial management software
c. Slide presentation software
d. Spreadsheet software