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The factors that can impact the elasticity of demand are:
necessity versus luxury
availability of substitutes
What is the elasticity of demand?Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
The more close substitutes a good has, the more elastic its demand. This is because if price is increased, consumers can easily shift to the consumption of an alternative product.
Goods that are deemed as necessities usually have an inelastic demand. While goods that are deemed a luxury usually have elastic demand.
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A state feared abuse of its statute providing for welfare benefits, which was administered by its department of public assistance. The department believed that a particular man who had been receiving welfare payments for the past year was not eligible for them because he had adequate means of support. The department informed the man in writing of its decision to terminate his welfare benefits, effective immediately. The department also informed the man that he could schedule an administrative hearing, which would be held in approximately one month, to contest that decision and to present any evidence on his own behalf. If the man challenges this termination on constitutional grounds, will he likely be successful
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For the given case of welfare benefits, if the man challenges this termination on constitutional grounds; Yes, he will likely to be successful because the man had a Due Process "right to notice" and a hearing before his welfare benefits were terminated.
What is right to notice?A criminal suspect has a right to be informed of the accusations levelled against him. The Constitution serves as a foundation for the notice right. The right "to be informed of the nature and basis of the charge shall be enjoyed by the accused".
The meaning of notice in due process-
The procedure by which a person is made aware of a legal proceeding that affects his or her rights, obligations, or duties is known as notice. Adequate notice is defined as notification that is adequate to give the person a chance to respond to the government's proposed action.Therefore, the legal term for the demand that a party be informed of legal proceedings impacting their rights, obligations, or duties is notice.
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( b ) explain five circumstances under which a high population growth may be desirable
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Answer:
There is a need to increase the demand in market for both goods and services.
There is a need to attract foreign investors
As societies modernize, mortality rates fall while birth rates remain high leading to high population growth rates.
Higher population growth may be beneficial in high-income countries where there is currently a tendency for population growth rates to decline
Development in agriculture, better techniques to grow more and better quality food. Food available at all the times due to better storage conditions. So people do not die of starvation when food is not available.
Explanation:
High population growth may be desirable in the market, investors, societies, high-income, and agriculture.
What is a population?
The population is the number of people residing in a certain area. Estimating the population enables us to determine how many beings there are and how best to respond.
The market needs to see an increase in demand for both goods and services.It is necessary to draw in international investors.Modern societies see declining rates of death while experiencing large families, which results in rapid population growth.In high-income nations which have now a propensity for population increase to drop, higher growing population may well be advantageous.advancements in agriculture, new ways to produce more food of higher quality. Food is always available because to improved storage circumstances. Consequently, when food is scarce, people do not perish from hunger.Learn more about population, Here:
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A customer service representative loses his job because his company adopted a new software that does most of his job automatically. This is an example of
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A customer service representative loses his job because his company adopted a new software that does most of his job automatically. This is an example of technological unemployment.
What is technological unemployment?This are happen when an individual losses her Job due to the use of technology.
The new technology now handles the works and the service of the individual is no longer require.
Therefore, A customer service representative loses his job because his company adopted a new software that does most of his job automatically. This is an example of technological unemployment.
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The Allowance for Doubtful Accounts T-account will have the ______ on the credit side. Multiple choice question. sales discounts and allowances write-offs of specific customers sales on account estimated bad debts from the adjusting entry
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The Allowance for Doubtful Accounts T-account will have the estimated bad debts from the adjusting entry sales discounts .
Doubtful account
An allowance for doubtful accounts is considered a “contra asset,” because it reduces the amount of an asset, in this case the accounts receivable. The allowance, sometimes called a bad debt reserve, represents management's estimate of the amount of accounts receivable that will not be paid by customers.
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Monopolists set prices Group of answer choices At the output where marginal revenue equals marginal cost. None of the Answers are Correct. Without constraints since there is no competition. On the marginal revenue curve. At the minimum of the long-run average total cost curve.
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Monopolists set prices without constraints since there is no competition.
Monopolistic is a type of market in which there is no competitor. It has only a single supplier and the goods are provided by a single company. In this market only a single company control demand and supply of the services. It can also b said that it is a non-competitive market. The absence of competition in the market allows the company to determine the price of the commodity. It takes away the bargaining power from the consumer. The single entity offers a unique product to the market and there is no alternative substitute available to the market. Government can curtail the monopoly of a company by limiting price increases, merger regulation, separating entities, etc.
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The Critical Path is: Group of answer choices the interrelationships of project activities. the shortest path in the project network. the most important identified tasks within the project. the longest path in the project network. the longest time in which the project can be completed.
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The longest path in the project network is the critical path.
Critical Path is an estimate of the minimal (shortest) project duration and is the longest path through the project network diagram.
Since there is no (positive) float or wiggle space on the Critical Way, it is the longest path through the project. On the timetable network diagram, there is (positive) float or leeway for other (non-critical) paths.
Because the Critical Path is the only path that runs continuously from beginning to conclusion of the project, with no float or wiggle room to cut down, it is also an estimate of the minimal (shortest) duration to accomplish the project. Other paths contain float or wiggle room, but cutting those courses won't speed up the completion of your job.
The Critical Path must be shortened in order to reduce the project timeline, and this can be done by applying schedule compression strategies like Fast-tracking and Crashing.
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The Nash equilibrium in an oligopolistic market is generally ________ for society than the outcome under collusion because the price is ________ marginal cost. a. better; closer to b. worse; equal to c. better; further above d. worse; further above
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The Nash equilibrium in an oligopolistic market is generally worse for society than the outcome under collusion because the price is equal to marginal price.
What is Oligopoly?A market structure which has a small number of enterprises and none of which can prevent the others from having a large impact known as an oligopoly.The market share of the major companies is calculated using the concentration ratio.Basically, a market with a monopoly has just one producer, a duopoly has two businesses.An oligopoly has three or more businesses. Although there is no exact maximum limit to the number of businesses in an oligopoly.Mainly, there must be few enough that the decisions of one business have a big impact on the others.What is Nash Equilibrium?The Nash equilibrium is the most popular technique in game theory to describe the outcome of a non-cooperative game involving two or more participants.Each player in a Nash equilibrium is considered to be aware of the equilibrium strategies of the other players, and changing one's own strategy will not benefit anyone.Nash Equilibrium shares its name with the mathematician John Forbes Nash Jr.Know more about Nash Equilibrium https://brainly.com/question/13026299
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James had a contract with Frasier to fix Frasier's plumbing issue at his home. The contract was made to fix the issue for $3,000. But after the work was completed James wanted an extra $500 because it was harder work than he had anticipated. Frasier s attempt to get the extra money is void of consideration under the ________ concept.
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James had a contract with Frasier to fix Frasier's plumbing issue at his home. The contract was made to fix the issue for $3,000. But after the work was completed James wanted an extra $500 because it was harder work than he had anticipated. Frasier s attempt to get the extra money is void of consideration under the pre-existing duty concept.
What is Pre- Existing Duty?The contract law's pre-existing duty rule is one example of consideration. The idea of consideration originated in England and has now spread to other countries, including the US.This rule states that fulfilling an obligation that already exists does not constitute sufficient compensation to justify a binding contract, but there are several exceptions to the norm.What are Pre- Existing Duty Alteration?Any party may alter this agreement by providing new consideration. One of three circumstances often occurs in this situation:
Pay less: The full amount is still due even if one party has fulfilled their obligation under the agreement but the other refuses to pay until the debt is lowered.Pay more: If a greater sum of money is not paid, one party declines to carry out her obligations under the agreement.Public duty: The person asking for payment already has a legal obligation to carry out the task.Know more about Pre- Existing Duty https://brainly.com/question/15705567
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How does income distribution behave during the Installation and Deployment periods of great surges of development
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The income distribution becomes increasingly polarized during the Installation period and improved distribution during the Deployment period.
What is the Installation period?The term "Installation Period" refers to the time frame beginning on the Actual Commercial Operation Date and terminating on the date provided in the Installation Notice to Proceed.It is the time frame covered by this Agreement for initial instruction and technical support for installing and localizing the Software from the Effective Date to the start of the Software's open beta testing.
What is the Deployment period?The phrase "Deployment Period" refers to the time frame starting with the installation of the first Access Point or Relay and lasting until the installation of the final Integrated Meter that is optimized in accordance with the relevant SOW and the completion of all Execution Milestones.Deployment typically refers to a predetermined period of time spent away from the usual duty station, typically abroad.
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Which of the following statements about the role of the U.S. Constitution's commerce clause in regulating business activity is not true? Group of answer choices One purpose of the commerce clause is to prevent one state from isolating itself economically from other states. The commerce clause is seen as prohibiting discrimination against interstate commerce. The test for whether a state regulation violates the commerce clause is whether that regulation puts an undue burden on interstate commerce. The commerce clause prohibits a state from placing any burden on interstate commerce. If a state regulation is preempted by federal law, it is automatically unconstitutional under the commerce clause.
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The incorrect statement about the role of the U.S. Constitution's commerce clause in regulating business activity is not true is "the commerce clause prohibits a state from placing any burden on interstate commerce".
What is U.S. Constitution's commerce clause?The U.S. Constitution's Article 1, Section 8, Clause 3 is referred to as the "Commerce Clause," and it grants Congress the authority "to regulate commerce with foreign countries, among the several states, and with the Indian tribes."
The examples of commerce clause are-
Dealings in international trade are one instance of this. Federal laws and regulations, for instance, apply to any agreements made by a corporation to distribute a product to another nation. Second, it is asserted that the states and Congress both have concurrent authority to control commerce.The Commerce Clause has been frequently invoked by Congress as justification for exerting legislative control over the actions of states and their residents, sparking intense and ongoing debate about the distribution of power between the federal government and the states.
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Suppose that the government implements a new policy that provides free skills training to all low-skilled workers, which makes them more productive and turns them into high-skilled workers. This will ________ the supply of low-skilled workers and ________ the supply of high-skilled workers.
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This will decrease the supply of low-skilled workers and increase the supply of high-skilled workers.
The economic theory of supply and demand describes how prices are set in a market. In a competitive market, it is hypothesized that, all else being equal, the unit price for a specific good or other traded good, such as labor or liquid financial assets, will fluctuate until it settles at a point where the quantity demanded will equal the quantity supplied, resulting in an economic equilibrium for price and quantity transacted. It is the theoretical cornerstone of contemporary economics.The link between supply and demand is crucial because it helps to establish the costs and availability of the majority of goods and services in a given market. The interplay between supply and demand eventually balances out in accordance with the tenets of a market economy.Thus this is the answer.
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If a monopsonist offers a wage of $6, he finds that 1,200 people are willing to work for him. This means that the:
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If a monopsonist offers a wage of $6, he finds that 1,200 people are willing to work for him. This means that the: a marginal factor cost is $6.
MonopsonistIf a monopsonist offers a wage of $6, he finds that 1.200 people are willing to work for him. This means that the O a. total wage cost is $1,200. b. marginal factor cost is $6. O c. total wage cost is $7.200. o d. $6 wage is too high. o e marginal factor cost is $200.
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Placing barcodes on multiple sides of products and not bagging groceries are examples of ____________________ which allow Aldi to maximize efficiency.
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Aldi uses supply chain innovations for printing barcodes on many sides of products and without bagging groceries to increase productivity.
Getting the best suppliers and materials is the foundation of innovation in supply chain management.
The supply chain can be innovated in five key areas:
1. Design for Assembly: This is the process of creating a product in a way that makes assembly as simple as possible, for example, by reducing the quantity of pieces or components.
2. Planning for Production: This refers to making the product simple to manufacture, which eventually lowers the cost of production. For improved outcomes, a good supply chain mapping tool should be employed.
3. Product serviceability through design: This relates to creating products that are simple to put together, take apart, and reuse individual parts. These goods are typically simpler to fix.
4. Environmental Design: The major goal is to have a minimal influence on the environment. This objective can be achieved, for instance, by using less packaging or recycling garbage generated along the process.
5. Six Sigma Design: This relates to creating a product with the goal of reducing errors, increasing uniformity, and lowering costs.
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The managers at Camphor Plastics decided that their firm needed to diversify because of overall falling sales and lower performance in one sector. How does diversifying compensate for the lackluster performance in this sector
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The diversification will compensate for the lackluster performance in this sector by having higher performance in another sector.
What is a diversification?This is a business strategy that involves entering into a new market that one firm have not be operating in for introduction of a new product for that new market.
Hence, for Camphor Plastics, the diversification will compensate for the lackluster performance in this sector by having higher performance in another sector.
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Ian owes Shirley $5,000, which is payable in five installments at an interest. However, after two installments, Ian offers to pay Shirley the entire debt to avoid paying the interest. In this scenario, which of the following will take place if Shirley announces that Ian does not have to pay the debt in further installments? Group of answer choices arbitration release negotiation rescission waiver
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In the scenario where Ian offers to pay Shirley the entire debt to avoid paying the interest; in that case "release" will take place if Shirley announces that Ian does not have to pay the debt in further installments.
What are installments?The act of adding something new or an installment is one portion of something that has numerous parts, such a payment or a story, are the definitions of an installment.
The monthly installments are described as-"When you pay for something in installments, you don't pay the entire amount at once; rather, you make little payments at regular intervals throughout time".
The advantages of Instalment schemes are-
These schemes enable you to pay for items that you cannot afford or cannot afford to buy outright. To avoid paying the full amount in one month, we can spread out the cost over a longer period of time. We also have the choice to cancel before paying the entire sum. more affordable than a personal loan.The working in installment plans is-
The whole cost of your purchase is automatically removed from your available credit when you sign up for an installment plan.The minimum payment required each month includes the amount of your monthly installment. Your credit limit is increased as you make payments against the sum.To know more about the installment credit, here
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When a firm's approach to human resources is designed to drive the company's overall performance, employees are being used to ______.
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Employees are used to meet the firm's strategic objectives when a firm's approach to human resources is geared to drive the company's overall success.
Companies frequently set explicit and verifiable progress targets. Strategic objectives are the firm's big-picture aims; they outline what the organization does to strive to fulfil its mission. Strategic objectives are often performance goals, such as launching a new product, increasing profitability, or increasing market share for the company's product.
Business enterprises, in particular, spend substantially on information to fulfil six major business objectives: Excellence in operations. New goods, services, and business models are being developed. Customer and supplier trust.
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According to a supply and demand model for apples, if the average household income decreases at the same time ten apple orchards go out of business, one would expect the: a. equilibrium quantity of apples in the market to be indeterminate and the equilibrium price of apples to increase. b. equilibrium price of apples to be indeterminate and the equilibrium quantity of apples in the market to increase. c. equilibrium quantity of apples in the market to decrease and the equilibrium price of apples to be indeterminate. d. equilibrium quantity of apples in the market to decrease and the equilibrium price of apples to stay the same. e. equilibrium price of apples to increase and the equilibrium quantity of apples in the market to decrease.
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Option E. Based on the law of supply and demand if orchards go out of business and income decreases, the equilibrium price of apples to increase and the equilibrium quantity of apples in the market to decrease.
What would cause the prices of apple to increase?Due to scarcity, the prices of apple would increase in the market. People would have to pay more to get the product which is now scarce.
When goods are few in the market they become more expensive than they were before.
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Hugh Snow, the buyer, returned merchandise to Farley Company, the seller. The entry on the books of Farley company to record the return of merchandise from Hugh Snow would include a:
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Debit to sail returns and allowance and a credit to account receivable is the answer.
When a seller sells goods to a customer, the journal entry should include a debit to accounts receivable because accounts receivable is a current asset recoverable in a future date and a credit to sales revenue because the sale is an income to the seller. Subsequently, when the buyer returned merchandise to the seller, accounts receivable shall be credited to the extent of the sale value of goods returned because it was debited at the time of recording the original sale transaction (as explained above).
As sales is an income account, it cannot be debited at any cost and so one contra sales account named 'Sales returns and allowances' shall be debited for recording goods returned by a customer.
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Shortcutz hair salon offers inexpensive haircuts for $10. They create a marketing campaign extolling the cheap price while showing customers how expensive other salons are in comparison. The campaign encourages consumers shop around and compare prices. Shortcutz focuses solely on price and mentions little about the quality of its haircuts. Which type of psychological pricing communication does shortcutz use?.
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The type of psychological pricing communication does shortcuts used is inviting price comparisons.
The idea behind psychological pricing is that customers will read the slightly lowered price and treat it lower than the price actually is. An example of psychological pricing is an item that is priced at $3.99 but conveyed by the consumer as 3 dollars and not 4 dollars, treating $3.99 as a lower price than $4.00.
A low price allows companies to gain market share by attracting new customers who spread the word about the offering and enticing customers away from competitors. The goal is to rapidly penetrate the market — then eventually raise prices without losing those early adopters.
In 2020, dynamic pricing made headlines when the prices of everyday goods such as toilet paper and hand sanitizer changed dramatically. More common examples are happy hours at your local bar, airline pricing on travel websites, and rideshare surge pricing.
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Matthew has been asked to approve a marketing campaign that, although it is not illegal, promotes food products to children. He is concerned that the food products are not particularly nutritious, although they are not as bad for children as some others sold by competitors. By using the ethical decision-making metric, Matthew will
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Matthew will evaluate the alternative using a series of questions.
What are the ethics of marketing?
Fairness and honesty are encouraged by marketing ethics in all of their advertisements.
Any false statements made to clients, invasion of their privacy, use of stereotypes, and targeting of the weaker demographic (such as youngsters and the elderly) are all considered unethical. Even attempting to harm a competitor's reputation is regarded as immoral.
Ethics in marketing is essential to ethical decision-making for a product or service to have the best possible presence in its specialized market.
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An implication of trade barriers for business practice is that they
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An implication of trade barriers for business practices is that tariff barriers raise the costs of exporting products to a country.
What is trade barriers ?Trade barriers serves as any obstacle that can reduce the business of a country with another country.
Major barriers to international trade are:
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If Elin delivers a check payable to her order to First Bank without signing it and receives cash, the transfer is an assignment, not a negotiation. If Elin delivers a check payable to her order to First Bank without signing it and receives cash, the transfer is an assignment, not a negotiation. True False
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It is a true statement that an assignment occurs when Elin delivers a check payable to her order to First Bank without signing it and receives cash.
What is an assignment?This refers to the situation whereby the assignor transfers a rights, property or benefits to another known as the assignee.
Hence, an assignment occurs when Elin delivers a check payable to her order to First Bank without signing it and receives cash.
Therefore, it is a true statement.
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Fill in the blank. An effective behavioral marketing and segmentation strategy is built on a foundation of good ________.
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An effective behavioral marketing and segmentation strategy is built on a foundation of good data.
Behavioural marketing is the method by which companies usually target audience on the basis of their behaviour, interests, intentions, and other metrics using web analytics, cookies, search history etc.
Segmentation strategy is the strategy which organizes your customer or business base along demographic, geographic, psychological, behavioural lines or combination of them. It usually break the target audience into smaller, more manageable groups.
The above strategy can be built on foundation of good data for better analysis of target audience.
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The main determinant of elasticity of supply is the Multiple Choice number of uses for the product. number of close substitutes for the product available to consumers. amount of time the producer has to adjust inputs in response to a price change. urgency of consumer wants for the product.
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The main determinant of the Elasticity of Supply is the availability of close substitutes.
The Elasticity of Supply means the relationship between a commodity and its price. It measures how the company increases or decreases its production based on its change in price.
The major determinant of the Elasticity of Supply is:
1. Nature of the Goods - It takes into account the factor of production, which can easily get transferred.
2. The definition of the commodity- The narrower the definition the greater the supply of elasticity.
3. Time- It works more in long run than in the short run.
4. Cost of attracting goods- If the related goods are cheaply available, the elasticity of supply is more.
5. Level of Price- It is inversely proportional to the elasticity of supply.
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The cost structures of a monopoly have ____________ relationships among fixed costs, variable costs, marginal costs, and average cost values as pure competition. The cost structures of a monopoly have ____________ relationships among fixed costs, variable costs, marginal costs, and average cost values as pure competition.
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The cost structures of a monopoly have the same relationships among fixed costs, variable costs, marginal costs, and average cost values as pure competition.
Profits for the monopolist, like all organization, can be identical to total revenues minus total costs. The sample of costs for the monopoly may be analyzed inside the identical framework because the costs of a perfectly competitive firm—that is, with the aid of using using total cost, fixed cost, variable cost, marginal cost, average cost, and average variable cost.
However, due to the fact a monopoly faces no competition its situation and its choice method will fluctuate from that of a superbly aggressive organization.
What is Monopoly Price?A monopoly price is set by a monopoly. A monopoly occurs when a firm lacks any viable competition and is the sole producer of the industry's product. Because a monopoly faces no competition, it has absolute market power and can set a price above the firm's marginal cost. Since marginal cost is the increment in total cost required to produce an additional unit of the product, the firm can make a positive economic profit if it produces a greater quantity of the product and sells it at a lower price.
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Before going on his first business trip to China, Albert asked his Chinese American friend to advise him on customs and values common among the Chinese businesspeople he will likely encounter. Albert is trying to avoid ________ business blunders.
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Before going on his first business trip to China, Albert asked his Chinese American friend to advise him on customs and values common among the Chinese businesspeople he will likely encounter. Albert is trying to avoid Cultural business blunders.
The term "business culture" refers to the collection of norms that may be seen in a company's behavior and operations, including its goals, codes of conduct, rules, procedures, ethics, and values.
A notable example of a company culture is found at Netflix, where the phrase "people over procedure" serves as the organization's guiding principle. Netflix outlines its company principles in its statement on corporate culture. These values include judgment, communication, curiosity, courage, passion, selflessness, innovation, inclusivity, integrity, and impact.
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If domestic saving is greater than domestic investment, then a country will have a ______ and positive net capital ______.
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If domestic saving is greater than domestic investment, then a country will have a net positive export and positive net capital outflow.
What is net capital outflow?Net capital outflow refers to the amount a country receives as credit and what is debited to other country. This means there is outflow of funds in a country.
The capital outflow of a country refers to financial assets going from a country to another country.
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If domestic saving is greater than domestic investment, then a country will have a positive net export and positive net capital outflow.
What is domestic saving?This is the calculation of the Gross domestic product minus the final consumption.
This term is used to refer to the existing difference that exists between gross income and the consumption of a country.
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What type of knowledge develops marketing research-based inferences about how marketing organizations should strategically address problems or opportunities
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Rob has made several successful investments. Each will earns $20,000 per year for the next 15 years. To expand the program, he will need an additional headcount. But Pat, another team member, wants additional headcount for a different investment. Management will only allow one hire. What does this situation illustrate
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This situation illustrates competition over resources can cause conflict.
Conflict theorists contend that in almost every human relationship and contact, competition is a persistent and, at times, overwhelming component. The lack of resources, especially material resources like money, real estate, commodities, and more, has led to competition.
What is Conflict theories?According to Karl Marx's Conflict Theory, society will constantly be at odds because of its constant struggle for dwindling resources. The consequence of this hypothesis is that individuals who have wealth and resources would guard and preserve them, while those who lack them will take any necessary steps to get them. Because of this dynamic, there is an ongoing conflict between the rich and the poor.
What is a resource conflict?A resource conflict occurs when a project manager wants a limited resource yet there isn't enough capacity to meet all of the demands on it. When it does, you should reflect on a few things to get some much-needed perspective on the issue.
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If the central bank sells $10,000 in bonds to a bank that has issued $350,000 in loans and is exactly meeting the reserve requirement of 10%, the money supply _____.
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The money supply will be $100,000
Banks need to have a $ 10,000 reserve, so if you buy $350,500 with 4,444 bonds, you'll need to reduce your lending by $10,000 to make up for the difference.
A decrease in credit means a decrease in deposits at other banks. In other words, the excess reserve was initially zero, but after the bond is sold it will be minus $10,000,
. The money supply will be reduced by $10,000 x 1 / 0.1 = $100,000 .
Banking is a business that protects money for others. Banks lend this money and generate interest that benefits the bank and its customers. A bank is a financial institution that is allowed to accept deposits and make loans. However, we can also provide other financial services.
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