Question

Lenovo runs a plant that produces 3,000 tablets per day. As Lenovo gains experience in producing tablets, it learns how to do it better. Workers learn shortcuts and become more familiar with their equipment. With practice, the work

becomes better organized, and Lenovo finds better equipment and production processes. With higher volume, Lenovo becomes more efficient and gains economies of scale. As a result, the average cost tends to decrease with
accumulated production experience. This drop in the average cost with accumulated production experience is called
O a. Learning Elasticity Curve
O b. Learning Curve
O c. Long-term Production Elasticity Curve
O d. Experience Elasticity Curve
q9
There are several types of market. When products trade over a range of prices rather than a single market price, sellers try to develop differentiated offers for different customer segments, and sellers use branding, advertising, and
personal selling to set their offers apart, then this represents
O a. Pure competition
O b. Oligopolistic competition
O c. Pure monopoly
O d. Monopolistic competition

Answer 1

The answer to Q9 is b. Learning Curve.

The drop in the average cost with accumulated production experience is known as the learning curve. As production volume increases, production efficiency increases, and unit production cost decreases. This concept is important in industries with high startup costs where companies need to achieve a high level of efficiency to maintain profitability.

The answer to the second question is d. Monopolistic competition.

In monopolistic competition, multiple sellers offer differentiated products to different customer segments through branding, advertising, and personal selling. There is differentiation among products and each seller has some degree of control over the price they charge. This results in a range of prices for similar products.

hope this helps:)