Within monopolies, we recognize these firms have inherent market power over the industry that they control. Some firms, even though they do not control entire industries have market power. Review each of the following and explain the source of its market power.

a. Merck, the producer of the patented cholesterol-lowering drug Zetia

b. Chiquita, a supplier of bananas and owner of most banana plantations

c. The Walt Disney Company, the creators of Mickey Mouse

Expert Answer

2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.

Suppose that a firm is considering moving from a batch process to an assembly-line process to better meet evolving market needs. what concerns might the following functions have about this proposed process change: marketing, finance, human resources, accounting, and information systems?

Based on what you learned about time management which of these statements are true