A monopoly is a market that has a single seller of a unique product in the market. He does not have any competition in the market as he has no substitute product for the product he is selling.
Security in a business does not motivate entrepreneurs. An entrepreneurs primary motivation to start a business is to be independent.
Equivalent units of production are equal to number of whole units that could have been completed if all work of the period had been used to produce whole units.
Sales promotion uses both media and non-media marketing communications for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability.
Sales promotions include Coupons, Rebates, Free Samples, etc... Online Ads come under advertising form.
Fixed cost per unit increases when production volume decreases. The fixed cost per unit does not always remain the same. Fixed cost per unit increases when production volume decreases and vice versa.
Product costs are also called Inventoriable Costs, since the product costs are used to value their goods in inventory.
An improvement in production technology will shift the supply curve to the right.
Comments
There are no comments.Copyright ©CuriousTab. All rights reserved.