The correct option is E. many buyers and one seller, with the firm producing a product that has no close substitutes, and barriers to new firms entering the market.
In economics, the term "competitive market" describes a market where there are many buyers and sellers and where no one buyer or seller can significantly influence the market. Competitive markets have numerous buyers and sellers, few entry barriers, and uniform products.
People can choose from a variety of employers and workplaces thanks to the jobs it generates. Through the regulation of business, competition also lessens the need for governmental intervention.
Consumers, society, and personal freedom all benefit from a competitive free market. Perfect competition is characterized by three key factors: (1) the absence of any significant market dominance; (2) standardization of industry output; and (3) freedom of entry and exit. When marginal revenue and marginal cost are equal, a perfect competitive market reaches its efficient market equilibrium.
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Note that the full question is:
What are the three conditions for a market to be perfectly competitive? For a market to be perfectly competitive, there must be
A many buyers and one seller, with the firm producing a product that has no close substitutes, and barriers to new firms entering the market.
B. many buyers and sellers, with firms selling similar but not identical products, with low barriers to new firms entering the market
c. many buyers and a few sellers, with all firms selling identical products, and no barriers to new firms entering the market.
D. many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market.
E. many buyers and a small number of firms that compete, selling differentiated products, and barriers to new firms entering the market
TRUE/FALSE. a nation will not have a comparative advantage in a product if it does not also have an absolute advantage in the production of that good
This statement is False. A nation need not have an absolute advantage in the production of a good to have a comparative advantage in it.
Comparative advantage occurs when one nation can produce a good more efficiently and at a lower cost than another nation. This means that even if one nation does not have an absolute advantage in producing a good, it could still have a comparative advantage in it if it can produce it more efficiently and at a lower cost than other nations.
For example, a nation may not have the most advanced technology to produce a good, but it could still have a comparative advantage in producing that good if it had access to cheaper labor or raw materials.
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Which of these statements about cooperating with other licensees is true?
Licensees must compensate other licensees.
Licensees must cooperate with and compensate other licensees, even if it's not in their client's best interest.
Licensees must cooperate with other licensees, even if it is not in their client's best interest.
Licensees must cooperate with other licensees when it is in the interest of their client, and share the commission on a previously agreed-upon basis.
A license is a regulatory approval or permission to make, use, or own something. This is option D.
licensees must collaborate with other licensees when it is in the interest of their customers to do so and share commissions on a pre-agreed basis.
A license is granted by one party to another person based on an agreement between the parties themselves. In the case of a state-issued license, the license is obtained by submitting an application.
Licensee may mean the licensee, or in US tort law, a licensee is a person who is on another person's property even though the property is not open to the public because the owner has permitted the licensee to enter.
Cooperation Broker is a broker who is not a stockbroker. However, the cooperating broker finds a buyer for the auctioned object. As part of the brokerage contract, the cooperating broker receives part of the commission paid upon completion of the sale.
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Calculate the cash discount and the net amount due the transaction (in $). Amount of invoice terms of sale cash discount net amount due $14,660. 00 2/10, n/4
If the buyer pays within 10 days, they can take a cash discount of $293.20 and owe a net amount of $14,366.80. If they don't pay within 10 days, the full amount of $14,660.00 is due within 4 months.
The term "2/10, n/4" means that the buyer can take a 2% discount if they pay the invoice within a 10 days, otherwise the full amount is due within 4 months (n/4).
To calculate the cash discount, we first need to determine the discount amount:
Discount amount=Invoice amount x Discount rate
Discount amount = $14,660.00 x 0.02 = $293.20
So, if the buyer pays the invoice within 10 days, they can deduct $293.20 from the invoice amount.
To calculate the net amount due if the buyer takes the discount, we subtract the discount amount from the invoice amount:
Net amount due = Invoice amount-Discount amount
Net amount due = $14,660.00 - $293.20
= $14,366.80
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A nonlinear cost related to order size is the cost of:___
A. interest.
B. insurance.
C. taxes.
D. receiving.
E. space
Option C is correct. Taxes are a nonlinear cost that is proportional to order size.
The yearly purchase price is inversely proportional to the order size. As order size increases, the annual ordering cost decreases. Near the EOQ, the overall cost curve is pretty flat. As a result, closely resembling the EOQ may serve as an excellent solution. Total yearly purchase price is self - reliant of order size for a provided annual consumption. The EOQ model calculates the ideal order size based on the sum of having to carry and shortage costs. The expenditure incurred to start creating and procedure a sequence to a provider are referred to as ordering costs. These costs are factored into the calculation of an inventory item's economic order quantity. The following are some examples of ordering costs: The cost of creating a purchase requisition.
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Fundamentals of Planning A mission statement expresses an organization's reason for being. A vision statement expresses what an organization wishes to become. These mission and vision statements then drive strategic planning, tactical planning, and operational planning. This activity is important because proper planning is essential for providing an organization with the direction and momentum it needs to reach its goals and develop a sustainable competitive advantage. points Skipped eBook The goal of this exercise is to help you to recognize what mission and vision statements, and the three levels of planning, look like in action, and to see how they relate to one another in an organization. References Dalton Skot is the CEO and president of a midsize fishing lure production company. The company has been very successful since its founding five years ago. Dalton has stated that his company makes professional-quality products that are accessible to the recreational angler. A recent article in a popular business magazine quoted him as saying, "The company wants to provide a chance for every person to reach his or her highest fishing potential without sacrificing their retirement savings to do it." The company has worked to keep control of the business in the family. The vice president of operations, Cooper Skot, is Dalton's brother, and the new product development manager is his sister, Sloan Skot. Dalton and Cooper have big plans to grow the company by 50 percent over the next five years. Sloan says her department plans to introduce 10 revolutionary new lures to the company's already exciting lineup of products over the next two years. Some of her special project managers have the designs complete now and are working to streamline the production tools to maximize efficiencies and thus bring costs down.
The matchup are:
Mission Statement: His company makes professional-quality products that are accessible to the recreational angler. The company wants to provide a chance for every person to reach his or her highest fishing potential without sacrificing their retirement savings to do it.
Vision Statement: To grow the company by 50% over the next five years.
Strategic Planning: To achieve the goal of growing the company by 50% over the next five years.
Tactical Planning: Her department plans to introduce 10 revolutionary new lures to the company's already exciting lineup of products over the next two years.
Operational Planning: Project managers have the designs complete now and are working to streamline the production tools to maximize efficiencies and thus bring costs down.
What is the mission statement?In this text, the importance of mission and vision statements, as well as the three levels of planning, is discussed in the context of a fishing lure production company led by CEO and president Dalton Skot. The company's mission is to provide professional-quality products accessible to recreational anglers without sacrificing their retirement savings.
Therefore, The vision is to help every person reach their highest fishing potential. The company has been successful in keeping control of the business within the family, with Dalton's brother Cooper serving as the vice president of operations and his sister Sloan serving as the new product development manager.
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See text below
Fundamentals of Planning A mission statement expresses an organization's reason for being. A vision statement expresses what an organization wishes to become. These mission and vision statements then drive strategic planning, tactical planning, and operational planning. This activity is important because proper planning is essential for providing an organization with the direction and momentum it needs to reach its goals and develop a sustainable competitive advantage. points Skipped eBook The goal of this exercise is to help you to recognize what mission and vision statements, and the three levels of planning, look like in action, and to see how they relate to one another in an organization. References Dalton Skot is the CEO and president of a midsize fishing lure production company. The company has been very successful since its founding five years ago. Dalton has stated that his company makes professional-quality products that are accessible to the recreational angler. A recent article in a popular business magazine quoted him as saying, "The company wants to provide a chance for every person to reach his or her highest fishing potential without sacrificing their retirement savings to do it.". It looks like the company has done some serious planning to support its "tall tale" of success. Match each term with the correct statement or level of management planning. Tactical Planning N Vision Statement Mission Statement Operational Planning Strategic Planning paints Skipped Match each of the options above to the items below. eBook References His company makes professional-quality products that are accessible to the recreational angler. The company wants to provide a chance for every person to reach his or her highest fishing potential without sacrificing their retirement savings to do it. To grow the company by 50% over the next five years Her department plans to introduce 10 revolutionary new lures to the company's already exciting lineup of products over the next two years. Project managers have the designs complete now and are working to streamline the production tools to maximize efficiencies and thus bring costs down. Match each of the options above to the items below. His company makes professional-quality products that are accessible to the recreational angler. The company wants to provide a chance for every person to reach his or her highest fishing potential without sacrificing their retirement savings to do it. To grow the company by 50% over the next five years Her department plans to introduce 10 revolutionary new lures to the company's already exciting lineup of products over the next two years. Project managers have the designs complete now and are working to streamline the production tools to maximize efficiencies and thus bring costs down.
Into what four categories do economist divide factors of production?
Land, labor, capital, and entrepreneurship
Land, labor, capital, and entrepreneurial activity are the four conventional divisions made by economists of the components of production. Natural resources are referred to as land, while work is referred to as labor.
What are the four key determinants of economic production?The materials employed in the manufacturing of a good or service in order to generate revenue are referred to as the factors of production. Land, labor, capital, and entrepreneurship are considered the four main components of production by economists. They can be viewed as the foundational elements of an economy.
What are a few instances of the four production factors?Land, capital, labor, and entrepreneurship or enterprise are the four components of production in economics. Time and information are also considered to be important in modern economics. These variables are made up of numerous resources as determined by the gross domestic product.
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In one day Alpha Cabinet Company made 40 cabinets with 320 hours of labor. What was Alpha Cabinet Company's productivity? a. 1/8 cabinet per hour b. 8 hours per cabinet c. 40 cabinets d. None of the above is correct.
Investment in capital as well as advancements in technology and human capital are major drivers of labour productivity.
Businesses and the government can raise the labour productivity of their employees by making direct investments in or providing incentives for advances in technology and human or physical resources. An economy can generate more goods and services for the same quantity of labour as labour productivity increases. A bigger number of goods and services can subsequently be consumed for a given amount of labour as a result of this enhanced production. The four key factors that determine an individual's productivity are: (1) strategy, or the capacity for planning; (2) focus, or the capacity for concentrating on one activity at a time; and (3) productive task selection.
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shila is going to be a seal hunter because his father and grandfather were seal hunters. what type of economy is reflected in this example
If shila is going to be a seal hunter because his father and grandfather were seal hunters. the type of economy that is reflected in this example is : traditional economy.
What is a traditional economy?In a traditional economy, people typically work in the same occupations as their parents and grandparents, and economic activities are focused on meeting basic needs such as food, shelter, and clothing.
In this example, Shila is becoming a seal hunter because his father and grandfather were seal hunters. This suggests that seal hunting is a traditional occupation in Shila's community, and that economic decisions are based on long-standing customs and traditions. The fact that seal hunting is a way of life that has been passed down through generations reflects the traditional nature of the economy in this community.
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Questionnaire 9 Ecom help
Credit cards are protected from loss or theft is an advantage of using credit card.
What benefits come with using a credit card?Accounts for credit cards are always simple to grasp. Credit cards are safeguarded against theft or loss. Low interest rates apply to credit cards. You can utilise your credit card account as a savings account.
Credit cards can be useful tools for developing credit, travelling, handling crises or unforeseen bills, and earning rewards when used carefully. A rewards credit card gives the cardholder benefits for making purchases, as the name suggests.
Are credit cards secure against theft or loss?If your credit card purchase was unintentionally destroyed or stolen within a specific time frame, your issuer will cover the cost. Your claim won't be completed until your credit card company receives the necessary paperwork from you.
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decision makers need to consider what they can and will do before they consider what they should do.True/False
Answer:
правда Приймаючи рішення, особам, які приймають рішення, важливо враховувати те, що вони можуть і будуть робити, перш ніж думати про те, що вони повинні робити. Це передбачає врахування різних факторів, таких як наявні ресурси, можливості, обмеження та потенційні ризики, щоб визначити найбільш можливий і реалістичний курс дій. Зваживши на те, що вони можуть і будуть робити, особи, які приймають рішення, можуть уникнути встановлення нереалістичних цілей або прийняття рішень, які неможливо реалізувати або не прийняти в довгостроковій перспективі.
Explanation:
which best describes a tradeoff in government?
Option a is correct. Political compromise best represents government compromise.
A compromise (or trade-off) is a circumstantial decision in which one quality, quantity, or attribute of his set or design is reduced or lost in exchange for gain in other aspects.
Tradeoffs arise from many origin limitations, including simple physics. For example, only a certain amount of objects can fit in a certain space, so when a container fills up, some items will have to Political be removed to accommodate more, and the will have a few You can carry large items or several items.
Tradeoffs are also generally associated with different configurations of single elements, such as: B. Tune your guitar strings to play different notes and allocate time and attention to different tasks. The concept of compromise suggests tactical or strategic decisions made with a thorough understanding of the pros and cons of each setup.
An economic example is choosing to invest in stocks, which have high risk but high return potential, and generally choose to invest in bonds, which have high safety but low return potential.
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The complete question is:
Which best describes a tradeoff in government?
a) Policy that strikes a compromise
b) Priorities necessary to budgeting
c) Decoy policy designed to distract
d) An unintended political outcome
a system which uses both a process costing system and a job order system will most likely use which type system? multiple choice question. job order process hybrid individually standardized
A system that uses both a process costing system and a job order system will most likely use a hybrid system. Thus the correct option is B.
What is a costing system?The method to evaluate the cost of a business is called as Costing sytem which is determined which operations of production incurred how much cost in order to calculate the expenses of a business.
The combined elements of job order costing and process costing are found in A hybrid system. Most companies currently serve a hybrid system and are better able to successfully implement processes while still seeking to meet the requirements of each individual customer.
Therefore, option B is appropriate.
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What other factors should johnson and gomez, inc., consider before a final decision is made?
Johnson and Gomez, Inc. must consider each of these aspects before decision-making.
Possibility of merger with major companies.
Growth potential of basic model and enhanced model.
Competitors on the market.
Aesthetic differences between the two products.
Break-even point.
Validity of data.
Sales trends in recent years.
Production possibility.
Impact on sales of existing products (if any).
The decision-making process can be influenced by potential mergers with larger vendors, market competition, and potential growth of Basic and Enhanced models. You can also consider break-even points, data validity, historical sales trends, production feasibility, and aesthetic differences between two products. Before making a final decision, the company should also consider the potential impact on current product sales.
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you can compare two marginal distributions to see if the corresponding two variables are related.1. True2. False
The notion that you may examine the relationship between two marginal distributions by comparing them is false.
In probability theory and statistics, the probability distribution of the properties included in a subset is the marginal distribution of either a subset of a group of random variables. Although the idea is simple, the definition sounds a little complex. You might want to focus on one of the larger groups of pertinent variables you gathered for your study in order to address a specific question. The distribution of two parameters cannot tell us how much the values of the two parameters differ, and this must be understood.
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Comprehensive income includes all of the following except _____.
a. dividend revenue
b. losses on disposal of assets
c. investments by owners
d. unrealized holding gains
Comprehensive income includes all of the following except investments by owners. In this option C is correct
A financial reporting concept known as comprehensive income includes all equity changes over the course of a period, excluding those brought on by owner investments and distributions to owners.
It encompasses all gains and losses, both realized and unrealized, that have an impact on a company's equity over a given period, making it a more comprehensive indicator of a company's financial performance than net income.
Items like unrealized gains and losses on derivatives, available-for-sale securities, foreign currency translation adjustments, and specific pension and other post-employment benefit adjustments are all included in comprehensive income. Reclassification adjustments for items that were formerly reported in other comprehensive income but are now recognized in net income are another example of items that are included in this category.
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the recession caused by the global financial crisis was severe, but much smaller in magnitude than the great depression because group of answer choices of massive intervention by governments to prop up financial markets. the federal reserve stayed out of the way during the financial crisis. the larger world population. modern technological inventions makes sustaining a crisis difficult.
The recession caused by the global financial crisis was severe, but much smaller in magnitude than the great depression because of massive intervention by governments to prop up financial markets. option A.
What is recession?A recession is a period of economic decline characterized by a decrease in gross domestic product (GDP), rising unemployment, and reduced demand for goods and services. In a recession, businesses may struggle to stay afloat, leading to job losses and decreased consumer spending. Recession can be caused by a variety of factors, such as a financial crisis, a drop in consumer confidence, a natural disaster, or a global economic slowdown.
Governments and central banks can take various measures to try to mitigate the impact of a recession, such as lowering interest rates, increasing government spending, and implementing economic stimulus programs.
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maria prepared a powerpoint presentation for potential customers in japan. they added colorful graphics in a yellow color scheme to impress their audience. they also included details that they knew specifically interested their clients. as planned, the presentation was not well received and they lost gained a valuable account. what should maria have done to improve her odds of winning this account? check all that apply. sent the presentation ahead of time to better prepare the audience. prepared separate presentation for each client. considered cultural preferences.
Option (c), Considering cultural preferences are what Maria does to increase her chances of winning this account.
What tendencies do the cultures have?Cultural preference refers to a person's level of comfort with a particular culture. The person's cultural orientation and upbringing have an impact on this preference, which shows up in their "preferred" means of communication and conduct as well as how they approach and view events and engage with people.
Why is taking culture into account important?By being conscious of and appreciating other people's cultural traditions, beliefs, and values, you can interact with people without prejudice or judgment. As a result, cross-cultural exchanges increase and interpersonal conflicts caused by cultural differences decrease.
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True or False: the corporate valuation model cannot be used unless a company pays dividends.
The statement "The corporate valuation model can be used to determine a company's value even if it does not pay dividends." is False because the corporate valuation model is based on the idea of a company paying out dividends to shareholders.
The model takes into account a variety of factors such as the company's operations, revenue, growth potential, and management. It will also consider the company's assets, liabilities, and cash flow. By taking into account all of these factors, the model can provide an estimate of what the company is worth.
The model can also be used to determine the fair market value of a company's shares. This can be helpful for investors looking to buy or sell a company's stock. By using the model, investors can get a better understanding of the company's financials and the valuation of its stock. Additionally, the model can help investors identify potential opportunities for investment and assess the risk associated with a particular stock.
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market structure in which a few large sellers dominate the market and have the ability to affect prices in the industry
A market structure in which a few large sellers will dominate the market and have the ability to affect prices in the industry is called an oligopoly.
In an oligopoly, a couple of huge firms overwhelm the market, and they have the ability to impact costs and other market factors. The way of behaving of firms in an oligopoly is associated, implying that they make into account the moves of their adversaries while deciding.
This can prompt complex estimating techniques, item separation, and other serious ways of behaving that may not be available in other market structures. Instances of ventures that are in many cases considered oligopolies incorporate the auto business, broadcast communications, and the aircraft business.
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Complete Question - market structure in which a few large sellers dominate the market and have the ability to affect prices in the industry _______
checklists can also be used to focus on? replacement costs upper control limits design documentation time dimension histogram
Checklists can also be used to focus on the time dimensions. Thus, option E is correct.
What is a checklist?The purpose of checklists is to keep track of projects or jobs and make sure nothing crucial is overlooked while they are being carried out.
In this manner, one ensures that nothing is left out that can affect your outcomes. They also make sure that tasks are carried out in a systematic, orderly manner.
This checklist can be the one that will have the element that will be present to make sure that the task will be performed on a regular basis. Also within the time limit that is present. Therefore, option E is the correct option.
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The question is incomplete, the complete question is:
Checklists can also be used to focus on
a)replacement costs
b)upper control limits
c)histogram
d)design documentation
e)time dimension
A selection committee helps to select what as it pertains to hiring
The answer is New Employees, A selection committee helps to select new employees as it pertains to hiring.
Does hiring entail payment?When you hire someone, you put them to work for you or pay them to perform a specific task. When you hire something, you give the owner money in exchange for the right to use it for a specific amount of time.
What distinguishes hiring from recruitment?Despite the fact that these phrases are occasionally used synonymously, they differ significantly. When a position needs to be filled, hiring takes place. Recruitment is the process of luring outstanding people to your company.
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________ is the extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by their various stakeholders.
Corporate Social Responsibility (CSR) is the extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by their various stakeholders.
Corporate Social Responsibility (CSR) is a business model that goes beyond the traditional goal of maximizing profits and focuses on the broader social and environmental impacts of business activities. It is the extent to which businesses recognize and fulfill their ethical, legal, economic, and philanthropic obligations to their stakeholders, including employees, customers, investors, suppliers, and the community at large.
CSR involves implementing policies and practices that promote sustainability, social justice, and ethical behavior, while balancing the interests of all stakeholders. It is an essential aspect of modern business practices, as companies are expected to operate in a responsible and sustainable manner that goes beyond mere compliance with the law.
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if the cross-price elasticity of demand for two goods is 1.25, then a) the two goods are luxuries. b) the two goods are substitutes. c) one of the goods is normal and the other good is inferior. d) the demand for one of the goods conforms to the law of demand, but the demand for the other good violates the law of demand.
If the cross-price elasticity of demand for two goods is 1.25, then the two goods are substitutes. For instance, the price elasticity of demand would be 1.5. The answer is OPTION B.
if the quantity demanded for a product increased 15% in response to a 10% price decrease. Cross price elasticity is used to determine whether products are complements or substitutes. If it is positive, the products are substitutes, and if it is negative, the products are complements.
Demand cross-price elasticity is defined as the difference between percentage changes in demand and price changes for related goods. For instance, if a product's price decreases by 20%, the demand for products that are related to it will fall by 5%. So, 5 x 20 = 0.25 is the cross price elasticity of demand.The answer is OPTION B.
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why is it impossible for firms in a monopolistically competitive industry
It is impossible for firms in a monopolisticaly competitive industry because existing businesses might band together to become a monopoly.
Initially, we must distinguish between short-term and long-term consequences.These businesses, when combined as a monopoly, would have positive economic profit in the short term. Yet, over time, this would result in a decline in profit or perhaps a loss. Due to the lack of entry barriers, new companies will enter the market and produce similar but distinct items. These new items, created by new businesses, will draw clients, and as a result, new businesses will share in some of the profits made by already-joined businesses ("monopoly"). So, we might conclude that maintaining this kind of monopoly over the long term is impossible.
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The steady-state investment per worker is positively related to capital per worker because the higher the capital per worker,A. the less the economy needs to equip new workers with the same high level of capital.B. the greater the amount of resources available for investment.C. the lower the capital depreciation rate.D. the more investment per worker is required to replace depreciated capital per worker.
Because the higher the capital per worker the less the economy needs to equip new workers with the same high level of capital. The answer is OPTION A.
Since there is no longer any capital accumulation per effective worker at the steady-state, saving per effective worker sf(k) equals "depreciation" of the effective capital stock. The amount of capital per worker that is stable over time is known as the steady state level of capital. There is neither accumulation nor depletion of capital over time.
This occurs when the per capita capital stock investment equals the per capita capital stock depreciation. A stable population and per capita consumption are prerequisites for a steady state economy. Production rates and depreciation rates are equal to both birth and death rates. The answer is OPTION A.
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people who decide how to combine resources to create new goods and services are called ______.
People who decide how to combine resources to create new goods and services are called entrepreneurs.
Entrepreneurs are individuals who have an innovative idea or vision and are willing to take risks to turn that idea into a successful business venture. They are responsible for the overall planning and execution of their businesses, including identifying and securing funding, developing products or services, establishing customer relationships, and managing their organizations.
Entrepreneurship is an important driver of economic growth and development, as new businesses create jobs, stimulate innovation, and contribute to the overall well-being of society.
Successful entrepreneurs possess a unique set of skills, including creativity, resourcefulness, resilience, and a willingness to take calculated risks. They must also be able to adapt to changing market conditions and navigate the complexities of regulatory environments.
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suppose the government doesn't want to discourage employers from hiring laboratory aides and, therefore, wants to minimize the share of the tax paid by the employers. of the three tax proposals, which is best for accomplishing this goal?
It is important to note that there may be other factors that also influence employers' decisions to hire workers, such as labor market conditions, demand for the services provided by laboratory aides, and the qualifications and skills of job candidates. However, reducing the payroll tax burden on employers can be a helpful policy tool to encourage hiring and support the growth of the labor market.
What is government tax?Generally, a tax proposal that reduces the burden of payroll taxes on employers would be the most effective in encouraging employers to hire laboratory aides.
Employers are more likely to hire workers if the cost of doing so is lower. Payroll taxes, such as Social Security and Medicare taxes, can add a significant cost to hiring employees.
Therefore, reducing the share of the payroll tax paid by employers would make it less expensive for them to hire laboratory aides and other workers.
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why do you think economic freedom is essential for political freedom?
Political freedom depends on economic freedom. Without the opportunity for individual buyers and sellers in a market to participate in voluntary transactions that meet their wants, a society cannot have political freedom.
Why do you think that political and economic freedom are interdependent?The Austrian School's Ludwig von Mises claimed that political and economic freedom are interdependent: "The belief that political freedom can be sustained in the absence of economic freedom, and vice versa, is a dream. Political freedom is akin to economic freedom.
Do political and economic freedom go hand in hand?The degree of political and economic freedom is not always correlated. Comparatively to mixed economies, former command economies have found it easier to make the transition to deregulation.
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under absorption costing product costs consist of blank______ costs.
Under absorption costing, product costs consist of both variable and fixed manufacturing costs.
What is absorption costing?Direct materials and direct labour are examples of costs that vary in proportion to the volume of production. Rent, salaries, and the depreciation of industrial equipment are examples of fixed costs, which are expenses that don't change depending on the volume of production.
Each unit of a product produced is given a fixed and variable production cost via absorption costing. This is done to make sure that the price of a product includes every expense related to its production. According to the theory underpinning absorption costing, fixed expenses should be allocated to each unit of generated product since they are incurred to support the production process. In order to make pricing decisions, manage costs, and analyse profitability, it is now possible for businesses to ascertain the total cost of manufacturing each unit of product.
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First, label each of the following scenarios as to whether they would create a producer or consumer surplus. Then, after you have labeled each scenario, calculate the ensuing surplus.
Alice is willing to spend $30 on a pair of jeans, and has a coupon for $10 off she found online. She selects and purchases a $35 pair of jeans, pre-discount.
Jeff finds some steaks for $16 for which he would have been willing to pay $20. The butcher notices the meat is near the expiration date and gives him an extra 75% off.
Nicole has in her possession a hockey puck from the 2010 Winter Olympic Games and sells it on eBay. She will only sell the puck if the winning bid is greater than or equal to $500. After bidding closes, the last bid stands at $500.
Claire is trying to sell her used calculus textbook online. She asks for $150 or best offer and is willing to sell for anything over $100. She is able to sell it for $125.
Roy is willing to pay $2. 50 for a sports drink. He notices the price is $2. 79 and chooses not to purchase a sports drink
Consumer surplus of Alice is $5, of Jeff is $16, Nicole is $0, Clair's is $25 and of Roy is $0.
In finance, the consumer surplus is the disparity between the price an user pays for a good and the sum he would be willing to spend instead of leaving without which. It is also referred to as societal surplus and the consumer's surplus. The idea was created by French economist and civil engineer Jules Dupuit in 1844 and later popularized by British economist Alfred Marshall. It was based on the presumption that satisfaction with services (utility) are quantifiable. The overall utility will surpass the total market value because the utility supplied by each successive unit of either an item typically declines as the volume sold rises as well as because the item's price only represents the utility of the final unit acquired as opposed to the utility of all units.
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