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However, the industry is now less competitive, with a monopoly being the most extreme example. Since the firm is no longer a price taker, the price it charges will be above the (now lower) unit cost. For a monopoly, for example, the price will be set where the unit/marginal cost intersects marginal revenue.
In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
Researchers in political economy have viewed the trade-off between military and consumer spending as a useful predictor of election success. [1] In this example, a nation has to choose between two options when spending its finite resources. It may buy either guns (invest in defense/military) or butter (invest in production of goods), or a ...
American businesses of financial responsibility of insuring their workers No information found ! Employer contribution requirement39 Disease Prevention No information found ! Increase the focus on prevention by integrating clinical information tools, monitoring technologies, and encouraging screenings and timely visits to physicians40
The term, Tradespace, is a combination of the words "trade-off" and "playspace", where "trade-off" indicates the method of traversing the Tradespace in search of the optimal boundary space (e.g., trading off a cost in one cost center (variant A) for a cost in another cost center (variant B)).
The four actions framework aids in eliminating the trade-off between differentiation and low cost within a company. The four actions framework consists of the following: Raise: This questions which factors must be raised within an industry in terms of product, pricing or service standards.
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More recent research suggests that there is a moderate trade-off between low-levels of inflation and unemployment. Work by George Akerlof , William Dickens , and George Perry , [ 16 ] implies that if inflation is reduced from two to zero percent, unemployment will be permanently increased by 1.5 percent because workers have a higher tolerance ...