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2. The notion that, under competition, decisions motivated by self-interest provide what consumers want at low prices, is known as the "invisible hand" O government regulation of markets ( the "visible hand" of corporate management capitalism1. The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of donuts is $1.50 each. Complete the following table by indicating whether each of the statements is an example of a price celling or a price floor and whether it is binding or nonbinding. Statement Price Control Binding or Not Due to new regulations, donut shops that would like to pay better wages in order to hire more workers are prohibited from doing so. The government prohibits donut shops from selling donuts for more than $1.80 each. The government has instituted a legal minimum price of $1.80 each for donuts.Pricing Strategy Competition is serious business and sometimes fierce. The stakes are high. Unless the rm has a monopoly, pricing is one area that may be intensely competitive, and not all competition is fair or legal. When considering pricing strategy, the international business manager must be aware of the strategies of otherflrrns when setting the firm's own strategy. Pricing is an important part of the marketing mix. Firms must look at charging different prices in different markets, pricing as a competitive weapon, and the regulatory factors including government control and antidumping regulations. As managers set prices under the strategy, they must be aware of many different dynamics. All will affect the design and implementation of pricing strategy. Roll over the items on the left for a description and then drag each item to the appropriate column. Is it a consideration of price discrimination, strategic pricing, or regulatory inuence? _l__l View History Bookmarks Window Help $ 16% vsu.view.usg.edu C Updat Quizzes - The Environment of Business Section B Fall 2019 CO - Valdosta State University Some a available m 4 imit: 1:15:00 Time Left:0:19:54 Marlene Frauenfelder: Attempt 1 1: Question 5 (3.57 points) Saved 2 3 A tort resulting from an injury where the defendant failed to use reasonable care is called. 6 . Negligence. 9 Careless Torts. Strict liability. 11 12 Intentional Torts. 14 15 Question 6 (3.57 points) Saved 17 18 Which of the following business dies when the owner dies? Limited liability Company 20 21 . C Corporation Limited Partnership 12 Q Search or enter website name &