Distinguish clearly between a plant, a firm, and an industry
Distinguish clearly between a plant, a firm, and an industry?
Expert
Production takes place in plant which is an operating unit. This production can be developed, wholesaling, warehousing, retailing, farming, and mining anything which in short it is essential for the manufacture and allocation of product and services.
The business organization of a firm owns one or more than one plants. A firm can be very huge like General Motors that possess many plants in many countries, or very small, such as an independent corner grocery.
An industry is rather a random grouping of firms producing comparable products like a steel industry. There may be a problem defining which firms belong to an industry; the firms in the automobile industry produce many non-automotive products.
Which of the given is the best illustration of a perfectly competitive industry: w) wheat production. x) steel production. y) electricity production. z) airplane production. Hey friends please give your opinion for
When, in a perfectly competitive industry, where the market price facing a firm is above its average total cost on the output here marginal revenue equivalents marginal cost, in that
How does society decide its optimal point on the production possibilities curve?
This is difficult for firms within highly competitive markets to exploit consumers since: (i) consumer advocates organize boycotts that generate bad publicity. (ii) market pressures force fair distributions of products. (iii) the government sets price
need urgent help in business economics, please suggest
“Natural price” by Adam Smith of a good was eventually determined through: (1) the amount of capital used within production in the short run. (2) long-run average costs of production, that Adam Smith believed to be the amo
Explain about Market Structures briefly.
What do you mean by Financial Linkages in U.S. and World Trade?
Give a brief introduction of the term Cost of preference shares?
Evaluate and explain the statements: “The market system is a profit-and-loss economy”
18,76,764
1935666 Asked
3,689
Active Tutors
1441124
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!