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What is the difference between a monopoly and a monopsony?
A monopoly is when a single company controls the supply of a product or service in a market, while a monopsony is when a single buyer controls the demand for a product or service in a market.
How does the demand for a product or service affect its price in the market?
The demand for a product or service affects its price in the market by influencing the balance between supply and demand. When demand is high and supply is limited, prices tend to increase. Conversely, when demand is low and supply is abundant, prices tend to decrease. This relationship between demand and price is a key factor in determining the market value of a product or service.
Can a product be a service?
NO! A product is different from service. An example of product is Milk, Mobile phone, TV, Car, etc. An example of service is insurance, medical care (but medicine is product), etc. The government marks use for service is SM, which stands for service mark, while for product it is TM, which stands for Trademark.
How can one create a demand curve for a product or service?
To create a demand curve for a product or service, one must analyze the relationship between the price of the product or service and the quantity demanded by consumers. By conducting market research, collecting data on consumer preferences, and observing how changes in price affect demand, a demand curve can be plotted to show the quantity of the product or service that consumers are willing to buy at different price points.
When all the product or service brought to market is consumed the price for the product or service is considered to be a?
rising price
What is service product continuum?
•Service: intangible task that satisfies consumer or business user needs•Goods-services continuum: device that helps marketers to visualize the differences and similarities between goods and services
What are the differences and similarities between past and present food service industry?
go away and get a life!
What are the differences and similarities between marketing and selling?
Marketing encompasses the act of influencing consumer behavior. Sales uses marketing and elements of marketing (advertising, etc.) to cause the consumer to purchase a product or service and become a customer.
What is the differences between product quality and service quality?
one is quality of the service and the other is quality of the product. Product quality usually includes features, performance, defects etc. Service quality includes delivery time, knowledge of delivery personnel etc.
What were the similarities and differences between the revolutions that took place in China Mexico and Russia from 1910s to 1930s?
Mexico is not good service . China has rice. Asians has no food.
What if your reading material discusses some similarities and differences between the governments of the united state and Canada one major difference has to do with the governments responsibility for?
your reading material discusses some similarities and differences between the governments of the united states and canada. one major difference has to do with the government responsibility for.
What is the difference between exporting a product and exporting a service?
product is tangible and service is intangible.
What is the difference between service organization and manufacturing organization?
A service organization's end product is a service. A manufacturing organization's end product is a product.
Difference between product quality and service quality?
Product quality is the way a product performs. While service quality is how well an experience was when shopping for, buying, using a product or service.
What are similarities and differences between Marriage and Holy Orders?
Similarities between Marriage and Holy Orders include the commitment to a lifelong vocation, the importance of love and service to others, and the sacramental nature recognized in both by the Catholic Church. Differences include the specific roles and responsibilities each vocation entails (spousal relationship vs. ministry in the Church), the requirement of celibacy for Holy Orders, and the unique spiritual graces associated with each sacrament.
What are the differences between quality and safety?
Safety relates to the absence of injury or property damage Quality relates to meeting the customer's expectations for a product or service, or, in some uses, to meeting specifications.
What are the differences between paying in arrears and paying in advance?
Paying in arrears means paying for a service or product after it has been provided, while paying in advance means paying for it before receiving it.
