Asked by
shannan thomas
on Dec 12, 2024
Verified
Which of the following is true?
A) Competitive forces are present even in markets with high barriers to entry.
B) Quality competition is an unimportant element of the competitive process.
C) Profitability and high prices discourage technological change and the development of substitute products.
D) Government regulations have substantially increased the quality of American manufacturing products in recent years.
Competitive Forces
Factors that influence the competitive environment of a market, including rivalries among existing competitors, potential new entrants, substitute products, bargaining power of buyers, and bargaining power of suppliers.
Technological Change
Innovations or advancements in technology that improve processes, increase efficiency, or create new products or markets.
- Understand the role of barriers to entry and competition in maintaining monopolies.
Verified Answer
AS
Learning Objectives
- Understand the role of barriers to entry and competition in maintaining monopolies.