1. Characteristics of the four market structures. [monopoly‚ oligopoly‚ monopolistic competition‚ & perfect competition] 2. Know the four types of monopolies. [Government‚ Natural‚ Technology‚ and Geographic] Market Structure Vocabulary I. Perfect Competition – has a very large number of sellers (hundreds or thousands) of the same product (any agriculture or fishery product). They are all
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MARKET STRUCTURE It is common to see similar products offered for sale at vastly different prices. For example‚ the price of a hotel room can vary from as low as £25 per night to several hundreds of pounds or more in the same city; the cost of gym membership will vary depending on the nature of the business organisation offering the service. An organisation’s ability to influence the price at which it sells its products is largely dependent upon the type of market in which it operates. The
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I. MARKET STRUCTURE We can classify firms by the roles they play in the target market: leader‚ challenger‚ follower‚ or nicher. Suppose a market is occupied by the firms shown in Figure 1.1. Forty percent of the market is in the hands of a market leader; another 30 percent is in the hands of a market challenger; another 20 percent is in the hands of a market follower‚ a firm that is willing to maintain its market share and not rock the boat. The remaining 10 percent is in the hands of market nichers
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Organization Structure simulation Organizational structure is the division of labor and the patterns of coordination‚ communication‚ workflow‚ and formal power that guide organizational activities. An organization’s structure reflects the company’s culture and power relationships and can establish new communication patterns and align employee behavior with the company’s mission‚ vision and goals. The organizational structure enables effective communication and smooth workflow‚ but organizational
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Market Structure Simulation Armani Nelson Professor William Johnson ECO/365 April 24‚ 2012. In the simulation Differentiating between Market Structures I learned about the four market structures‚ which are perfect competition‚ monopoly‚ monopolistic competition‚ and oligopoly. I learned about cost and revenue curves within the market structures and how these structures work within an organization. The simulation also dealt with prisoner’s dilemma‚ price war and duopoly. The prisoner dilemma
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Organizational Structure Introduction Every organization needs to decide how to divide its work or activities‚ how to coordinate all work – related activities and how to control these activities to ensure that goals are achieved. The organization must consider its external environment and the internal systems and processes used to transform inputs to outputs. A manager of any organization must ensure consistency between the structure of the organization‚ the scale of its operations‚ the tasks at
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Chapter 8: Organization Structure and Design Multiple Choice 1. Which management function entails the process of arranging people and resources to work toward a common goal? a) Controlling b) Leading c) Planning d) Organizing Ans: d Bloom’s: Knowledge Level: Easy Learning Objective 1: Understand organizing as a managerial responsibility. Section Reference: Organizing is one of the management functions. 2. An organizational structure consists of all the following
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the industry produce similar products and consumers have complete and accurate information about their prices. All firms have equal access to raw materials‚ capital‚ labor and technology. A perfectly competitive industry‚ therefore‚ has no single market leader or monopolistic firm. All participating companies are identically leveraged and each must offer high quality products to retain customers. Examples of perfectly competitive industries include those that offer agricultural products‚ such as
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SALES ORGANIZATION STRUCTURE Introduction Once the sales plan has been formulated‚ the next logical step is to organize a sales force to achieve the enterprise objectives. Decisions must be made as to the type of sales tasks required to be performed and as to how the sales people should be grouped together to ensure effectiveness and efficiency. The scope of their sales responsibility‚ line authority and accountability must be defined so that the sales activities can be well coordinated. The
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Introduction to organizational structure An organization structure refers to an arrangement of people‚ relationship and responsibilities in carrying out company activities to achieve goal. In addition it also can define as how a people in the organization are group together and to whom they report. Formal structure is needed for larger organization that decisions have to be made about the delegation of various tasks. In an organization structure clearly indicate and separate between the work activities which
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