Barriers to Entry Patents are granted for 20 years, but pharmaceutical companies cannot use their patent-guaranteed monopoly powers for anywhere Read More
Production in the Short Run Sarah owns a bakery that has four ovens, one full-time exempt administrative employee, and eight part-time hourly Read More
Long-Run Average Cost and Economies of Scale • How can the long-run average cost (LRAC) curve be derived from the short-run average total cost Read More
"NE 2:1-10 In the month of Nisan in the twentieth year of King Artaxerxes, when wine was brought for him, I took the wine and gave it to the king. I Read More
External factors outside the direct control of the company, but which affect the company. External factors create opportunities and threats to which Read More