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Please explain this to me for the better understanding
Suppliers such as your local water suppliers, railroad, restaurants, coffee shops, hairdressers, artists, gas stations, movie theaters, airlines, universities, and so forth, operate under different market structures. All businesses exist for one purpose, which is to make profits. Profits or losses occur as a result of interaction between cost of production and market price. Higher production could lead to higher revenue; however, higher prices reduce quantity demanded and might lead to higher cost of production. In sum, suppliers and producers will make profit only when average total cost of production is lower than market price.
Provide an example of a firm or a small business from the real world that is surviving the dynamic nature of monopolistic competition, and discuss some approaches they have used (or are currently using) to compete and survive in the market.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
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