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Discussions
Name
Institutional Affiliation
Week 3 Makeup
Perfect Competition
A firm that functions in a perfect market is H&M which is popular in producing teens clothes. A substitute for this firm is Hollister which is a very good substitute.
Monopolistic Competition
An example of monopolistic is Apple which specializes in the production of computers and phones. A substitute for Apple is HP which is a strong substitute.
Oligopoly
an example of an oligopoly is British Telecom (BT) based in the United Kingdom. A substitute is Freeview hybrid DVB-T which is a very good substitute.
Monopoly
an example of a monopoly firm is Microsoft Window, and its main substitute is Linux which is a close substitute.
Week 4 Makeup
A monopolistic competitive industry is the computer industry. Each of the firms in the industry has a monopoly on its products, but there are several other players in the industry. Internet cable industry, on the other hand, is an oligopoly industry. Profit opportunities in an oligopoly are better since the firms have control of the market and hence the bargaining power of customers is low. They can also collude to make it difficult for new entrants and hence dominate the market. The rivalry is low since the number of competitors is relatively low (Hill & Jones, 2010). Finally, these firms face little threat of substitutes since they are few and hence there is little chance that customers will move to other products.
Week 5 Discussion
My company uses price discrimination.

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Under direct price discrimination, the company charges a cost that is relative to the type of buyer. If the discrimination is not well-defined, customers may not be willing to pay the amount, and hence the seller will lose profits (Arnold, 2010). In the case of indirect price discrimination, the cost of goods or services is relative to the buyer’s choice, for instance, the unwilling buyers move to other firms that offer lower prices. When charging flat prices, there will be little chance that the customers will move since all prices are the same in all available firms.
Week 7 Discussion
Type I error also identified as false positive happens when something is proclaimed as true, but in the actual sense, it is false. Type II error, in contrast, is also known as false negative occurs if a test result shows a condition to have failed when in the real sense it was fruitful (Froeb et al. 2018). The decision error that is more likely to be discovered by the CEO is Type I error. It affects the HR hiring decision in that he might unknowingly pick the wrong candidate. For example, a candidate might claim to be an expert in a certain area that the HR is looking for and it is a lie. This will force the HR to look for another candidate or decide to train that particular candidate.
References
Arnold, R. A. (2010). Economics. Australia: South-Western Cengage Learning.
Froeb, L. M., McCann, B. T., Shor, M., & Ward, M. R. (2018). Managerial economics: A problem solving approach. Boston, MA: Cengage Learning
Hill, C. W. L., & Jones, G. R. (2010). Strategic management theory: An integrated approach. Boston, MA: Houghton Mifflin.

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