Making the Connection: In the Apple iPhone Apps Store, Easy Entry Makes the Long Run Pretty
Instructions
- Read the Making the Connection short case titled In the Apple iPhone Apps Store, Easy Entry Makes the Long Run Pretty Shortin Chapter 12 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your first posting this week beginning to discuss what you’ve read and watched in the video.
- Then work on Problems and Applications 5.9,at the end of Chapter 12, answering and discussing the questions in that exercise.
- Read the Making the Connection short case titled Adam Smith’s Famous Account of the Division of Labor in a Pin Factoryin Chapter 11 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your first posting this week beginning to discuss what you’ve read and watched in the video.
- Then work on Problems and Applications 3.7,at the end of Chapter 11, answering and discussing the question in that exercise.
Answer Preview
A product that meets most of the criteria required for a perfectly competitive market would be fast moving consumer goods like sugar. While there may be very many different brands of sugar available in the market, the product is perfectly the same and serves the same purpose for each buyer. Within the market for sugar a single firm cannot hold a large market share due to the high number of the same products within the market.
Word Count: 500