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

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.

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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