Tutor profile: Ira M.
How brilliantly prepare to TOEFL Speaking section? Tips and Strategies.
First of all, time management is a very important component. It is neither good to finish long before the time is over nor is it good to be unable to complete your response within the time. Try to answer the question as completely as possible within the given speaking time. To practice this skill the mobile app can be fruitfully used. Secondly, use appropriate signal and linking words to switch between ideas, to add information, etc. That helps the listener to follow your thoughts. Thirdly, record your practice speaking and listen it again to find where you did well and where you did not do well. Listen to your past records and compare them with the new ones. Do you see any progress?
What does the ingredient branding mean? Give an example of the company, that applies ingredient branding.
Normally the owner of the final product creates all of the value in the consumer’s eyes. But in the cases of Intel and NutraSweet, the ingredient supplier is seeking to build value in its prod- ucts by branding and promoting the key component of an end product. When promotion of the key component brand is initiated by the ingredient supplier, the goal is to build awareness and preference among consumers for that ingredient brand. For instance, some computer manufacturers are benefiting from the quality image of using an Intel chip.
What is the prisoners' and what does it have to do with oligopoly?
To start with, in 1944 John von Neumann and Oskar Morgenstern presented The Theory of Games and Economic Behaviour. In that study the modern principles of game theory were formulated. The Prisoner's Dilemma is a simple game which illustrates the choices facing oligopolies. It is a particular 'game' between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial. Both parties involved striving for personal gain at the other’s detriment, which in turn leads to selfish actions from both parties ending in a worse result for all involved. Let us consider two countries A and B. Both countries sell crude of oil. As a result of negotiations, the countries agreed to keep production of oil low in order to keep the price of oil in the world high. After that each country must decide whether to cooperate or ignore the agreement and increase the production level. However, clearly both countries want to make more money, so if one country begins to produce more, the other must produce more as well or else face decreasing profit. In the end, this cycle leads to lower prices and a greater supply of oil overall in accordance with Prisoner’s Dilemma game theory.
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