How do market demand, costs, pricing, and competition impact these output strategies?

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Economists assume that profit-maximizing firms operate

Economists assume that profit-maximizing firms operate

Question
Increasing International Competition and ProfitabilityEconomists assume that profit-maximizing firms operate in perfectly competitive markets. However, this assumption does not hold in today’s global market, as there are many reasons why markets are not perfectly competitive.

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Refer back to the past three weeks, particularly to the principle of comparative advantage and production costs, and review the reasons why companies do not operate in a perfectly competitive market.

A 150 word statement that addresses the following:

  • What output strategies might U.S. companies implement to remain profitable when competing with international companies?
  • How do market demand, costs, pricing, and competition impact these output strategies?

Economists assume that profit-maximizing firms operate

 

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