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What are the three major forms of capitalist competition? Discuss each, making specific reference to their impacts on the determinants of the profit rate.

Three major forms of capitalist competition are price competition, breakthroughs, and monopoly power.

In price competition, companies attempt to attract customers by offering products equivalent to those of their competitors but at a lower price. Thus, companies that use price competition strategy decrease the price of output by decreasing either materials cost per unit or labor cost per unit.

Breakthroughs occur when a company discovers an innovative way of doing business. This strategy can be associated with a decrease in the price of output due to a more efficient way of production.

Monopoly power is the ability of a company to have substantial control over the market and, thus, charge prices higher than the marginal cost. Even though companies may have materials and labor costs per unit unchanged, they can increase the price of output because they control the market.

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"What are the three major forms of capitalist competition? Discuss each, making specific reference to their impacts on the determinants of the profit rate." Academic.Tips, 18 Sept. 2021, academic.tips/question/what-are-the-three-major-forms-of-capitalist-competition-discuss-each-making-specific-reference-to-their-impacts-on-the-determinants-of-the-profit-rate/.

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A company has a profit rate of 10%. The value of its capital goods (machinery) is $100,000, which was entirely used up over the year. Its 10 workers were paid $15 an hour, and each did 1000 hours of work during the year. What were the total sales of this company? What is the total profit made?
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