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PACKAGING: The container and graphic design variable in the marketing mix, (sometimes included in the product). Changes in product distribution and government regulations in contents identification have made the packaging variable a very important component in the organizationŐs marketing strategy. Packaging completes the marketing process by giving the consumer vital information just prior to making the final buy decision.
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Lesson 16: Perfect Competition | Unit 1: Price Taker
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Page: 3 of 28
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- Each firm in a perfectly competitive market has no market control and is a price taker.
- A price taker is a firm that takes, or accepts, the going market price and has no ability to control it or to charge a different price.
- Because a perfectly competitive firm is such a small part of the overall market, it has no choice but to sell output at the going market price:
- There is no WAY to sell output ABOVE the going market price.
- There's no REASON to sell output BELOW the going market price.
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OPPORTUNITY COST, PRODUCTION POSSIBILITIES The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for cardboard boxes.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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