Suppose that a night club's customers all have the same inverse demand curve for drinks, P = 5 – Q, where P is the price per drink and Q is the number of drinks. The marginal cost of a drink is $1. With a two-part tariff pricing strategy, how much do customers pay to get into the nightclub?

An important source of public scrutiny is "watchdogs." these are: the efforts of a firm's competitors, including how often the competitors attack the firm's strategies. taxpayer-supported government agencies that limit a firm's ability to compete in foreign markets. companies designated by the government to only produce products that support the government defense program. socially conscious groups that make it their mission to measure the social responsibility levels of businesses, and provide consumers with their opinions about the level of corporate responsibility of various companies.

Suppose a jury of 12 people is chosen from the above pool, and this jury hears a case and discusses the verdict; x is the number who think the defendant is guilty.

Why is the type of product sold in an industry an important characteristic? a firm that can differentiate its product from that of rivals may be able to charge a higher price for a superior product. a firm that sells intangible goods is usually considered a monopoly. service industries cannot differentiate their products, which makes it easy for new firms to enter the industry. expensive products are usually sold by perfectly competitive firms.