BCOR 1015 Final Exam - Competition
and Monopoly fully solved
Which regulations can be employed on just price? - correct answer ✔✔price floors, ceilings,
minimum wage, living wage
Who came up with just price theory? - correct answer ✔✔Thomas Aquinas
What type of economy does Vance think creates just prices? - correct answer ✔✔Laissez Faire
Creative Destruction - correct answer ✔✔the hypothesis that the creation of new products and
production methods simultaneously destroys the market power of existing monopolies
Disruptive Innovation - correct answer ✔✔a process by which a product or service takes root
initially in simple applications at the bottom of a market and then relentlessly moves up market,
eventually displacing established competitors, new tech replacing old tech
Who has the idea of Creative Destruction? - correct answer ✔✔Cox
Example of disruptive innovation: - correct answer ✔✔Personal computers replacing large
expensive desktops
Innovator's Dilemma - correct answer ✔✔Whether to hold onto some market or embrace new
tech and adapt business models
Dumping - correct answer ✔✔When manufacturers exploit to another country at a price which
is below the normal price with an injuring affect
and Monopoly fully solved
Which regulations can be employed on just price? - correct answer ✔✔price floors, ceilings,
minimum wage, living wage
Who came up with just price theory? - correct answer ✔✔Thomas Aquinas
What type of economy does Vance think creates just prices? - correct answer ✔✔Laissez Faire
Creative Destruction - correct answer ✔✔the hypothesis that the creation of new products and
production methods simultaneously destroys the market power of existing monopolies
Disruptive Innovation - correct answer ✔✔a process by which a product or service takes root
initially in simple applications at the bottom of a market and then relentlessly moves up market,
eventually displacing established competitors, new tech replacing old tech
Who has the idea of Creative Destruction? - correct answer ✔✔Cox
Example of disruptive innovation: - correct answer ✔✔Personal computers replacing large
expensive desktops
Innovator's Dilemma - correct answer ✔✔Whether to hold onto some market or embrace new
tech and adapt business models
Dumping - correct answer ✔✔When manufacturers exploit to another country at a price which
is below the normal price with an injuring affect
