What is the economic system in which means of production and distribution are privately owned and operated for profit under competitive conditions?

What is the economic system in which means of production and distribution are privately owned and operated for profit under competitive conditions?
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The definition of capitalism is an economic system in which the means of production and distribution are privately or corporately owned and the operations are funded by profits. An example of capitalism is the prison system in the United States being operated by private companies.
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Equilibrium price means (1) Price determined by demand and supply (2) Price determined by Cost and Profit (3) Price determined by Cost of production (4) Price determined to maximise profit

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The existence of a Parallel Economy or Black Money - (1) makes the economy more competitive (2) makes the monetary policies less effective (3) ensures a better distribution of income and wealth (4) ensures increasing productive investment

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The existence of a parallel economy or Black Money - (1) makes the economy more competitive (2) makes the monetary policies less effective (3) ensures a better distribution of income and wealth (4) ensures increasing productive investment

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A small hardware store whose only competitor is a huge discount store would be least likely to use which competitive tool? A)services B)price C)product offering D)distribution E)promotion

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Essex Office Products has decided to use a particular competitive tool that it feels will have a major impact. Its consultant, Dr. Bell, contends that this particular approach is the one most easily copied by the firm's competitors. The tool in question is: A)price B)market segmentation C)distribution D)promotion E)product innovation

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Last Answer : A)price

The existence of a Parallel Economy or Black Money (1) makes the economy more competitive (2) makes the monetary policies less effective (3) ensures a better distribution of income and wealth (4) ensures increasing productive investment

Description : The existence of a Parallel Economy or Black Money (1) makes the economy more competitive (2) makes the monetary policies less effective (3) ensures a better distribution of income and wealth (4) ensures increasing productive investment

Last Answer : makes the monetary policies less effective

If perfectly competitive markets, the profit maximization rule can be represented by: A. Mr = ATC B. P= MC C. P= ATC D. P = AC

Description : If perfectly competitive markets, the profit maximization rule can be represented by: A. Mr = ATC B. P= MC C. P= ATC D. P = AC

Last Answer : ANSWER: B

In equilibrium, a perfectly competitive firm will equate - (1) marginal social cost with marginal social benefit (2) market supply with market demand (3) marginal profit with marginal cost (4) marginal revenue with marginal cost

Description : In equilibrium, a perfectly competitive firm will equate - (1) marginal social cost with marginal social benefit (2) market supply with market demand (3) marginal profit with marginal cost (4) marginal revenue with marginal cost

Last Answer : (4) marginal revenue with marginal cost Explanation: A perfectly competitive firm's supply curve is that portion of its marginal cost curve that lies above the minimum of the average variable cost ... marginal cost curve. The marginal cost curve is thus the perfectly competitive firm's supply curve.

In the long-run equilibrium, a competitive firm earns - (1) Super-normal profit (2) Profits equal to other firms (3) Normal profit (4) No profit

Description : In the long-run equilibrium, a competitive firm earns - (1) Super-normal profit (2) Profits equal to other firms (3) Normal profit (4) No profit

Last Answer : (3) Normal profit Explanation: Making the assumption that the market demand curve remains unchanged, higher market supply will reduce the equilibrium market price until the price = long run average cost. ... of firms in and out of the industry and a long-run equilibrium has been established.

Which of the following sentences best summarizes the differences between the red and blue oceans strategies? A. Red oceans are about avoiding head-to-head competition while blue oceans are about rivals fighting over a shrinking profit pool. B. Blue oceans represent all the industries in existence today while red oceans are those where companies beat competition C. In the red oceans, industry boundaries are defined and accepted and the competitive rules of the game are known. Blue oceans are occasionally created well beyond existing industry boundaries. D. All the above options are valid

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Last Answer : In the red oceans, industry boundaries are defined and accepted and the competitive rules of the game are known. Blue oceans are occasionally created well beyond existing industry boundaries.

Which of the following sentences best summarizes the differences between the red and blue oceans strategies? A. Red oceans are about avoiding head-to-head competition while blue oceans are about rivals fighting over a shrinking profit pool. B. Blue oceans represent all the industries in existence today while red oceans are those where companies beat competition C. In the red oceans, industry boundaries are defined and accepted and the competitive rules of the game are known. Blue oceans are occasionally created well beyond existing industry boundaries. D. All the above options are valid

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Last Answer : In the red oceans, industry boundaries are defined and accepted and the competitive rules of the game are known. Blue oceans are occasionally created well beyond existing industry boundaries

From the point of view of international business, an organization that enjoys competitive advantage in an industry has done so by: A. Focusing on long-term profit. B. Charging lower prices than competition. C. Creating superior value for customers. D. Constantly enlarging its marketing activities.

Description : From the point of view of international business, an organization that enjoys competitive advantage in an industry has done so by: A. Focusing on long-term profit. B. Charging lower prices than competition. C. Creating superior value for customers. D. Constantly enlarging its marketing activities.

Last Answer : Creating superior value for customers.

Total profit of a firm in a perfect competitive market is – (a) Total revenue less total cost ; (b) Marginal revenue less marginal cost; (c) Total revenue less marginal cost ; (d) Total revenue less variable cost

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Last Answer : (a) Total revenue less total cost ;

What will happen if a firm in perfect competitive market, increase its output by 50% (a)Total sales revenue will also increase by 50% ; (b) (b)Selling price will come down by 50%; (c)Total sales revenue will decrease by 50% ; (d)Profit will increase by 25%

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Last Answer : (a)Total sales revenue will also increase by 50% ;

A competitive firm maximizes its total profit when ……………… (a) Average cost equal average realization ; (b) Marginal cost equals Price; (d) Total revenue is the maximum ; (d) MR = AR

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Last Answer : (d) Total revenue is the maximum ;

In the short run if the price is above the average total cost in a monopolistic competitive market, the firm makes (a) Profits and new firms join the market ; (b) Profit and bar entry to new firms; (c) Makes losses and exit the market ; (d) Quick profit and disappears

Description : In the short run if the price is above the average total cost in a monopolistic competitive market, the firm makes (a) Profits and new firms join the market ; (b) Profit and bar entry to new firms; (c) Makes losses and exit the market ; (d) Quick profit and disappears

Last Answer : (a) Profits and new firms join the market ;

In the long-run equilibrium, a competitive firm earns (1) Super-normal profit (2) Profits equal to other firms (3) Normal profit (4) No profit

Description : In the long-run equilibrium, a competitive firm earns (1) Super-normal profit (2) Profits equal to other firms (3) Normal profit (4) No profit

Last Answer :  Normal profit