MGTA05H3 Study Guide - Quiz Guide: Monopolistic Competition, Oligopoly, Laundry Detergent

• School: UTSC
• Department: Management
• Course: MGTA05H3
• Professor: H Laurence

Document Summary

Mgta05 facilitated study groups (fsg) week #2. A market is an ________________________ of _______________________, where the participants are knowledgeable of the common practices, and there is competition between __________________ for ________________. True/false: factors of production are the inputs to the production processes used to make goods and services, and subsequently, a profit. T or f: there are 4 main factors of production, and one potential factor: land, labour, capital, entrepreneurship, and potentially information. T or f: capital can be thought of as the man-made factors used in production. T or f: for many economies, land and labour are now less important than capital. T or f: why, entrepreneurs are considered a separate factor of production because like labour, they work to produce the goods or services. T or f: changes in factor intensity of factor substitution can pose new management challenges for a firm. T or f: as described in our course, a market does not denote a physical place.