Zhang_Week4_Assisgnment - Xinyu Zhang Dr Hionis Managerial...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Xinyu Zhang Dr. Hionis Managerial Economics Week 4 assignment 9-4 Competitive Industries Relative to managers in more monopolistic industries, are managers in more completive industries more likely to spend their time on reducing costs or on pricing strategies. Firms in monopolistic industries are more likely to spend time on reducing cost and pricing strategies because firms in monopolistic competition sells differentiated products and sales depend greatly on pricing strategy. The firms can sold more products by reducing the price of it. 9-6 Economics versus Business Describe an important difference in the way an economist and a businessperson might view a monopoly. In the view of businessperson, monopoly could make the profits by charging high price and do not worry but competition of patents. In the view of economists, they more focus on the function and affect of monopoly in the whole competitive business market such as reduces the maximum possible output and causing inefficiency in production system.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern