If at a given time of the day, the state road 408 is higly congested, then it could be considered to possess the properties of a COMMON PROPERTY GOOD.
There are four types of economic goods, these are: public goods, private goods, common property goods and club good.
Common properties goods are those goods which are characterised by rival consumption and non exclusion of non payers. Rival consumption implies that consumption by a user imposes limitations on what others can consume, but a user can not stop another user from enjoying the good. Common property goods are equally owned by everyone and are not controlled by anyone in particular, thus these goods usually need government intervention.
Answer:
Markets are competitive.
Explanation:
In the competitive market, the number of sellers competed with each other in terms of prices, quality, maximize the market share.
In the given situation, various sellers are competed with each other for meeting out the consumer demands also at the same time it offers the goods at lowest cost and highest quality so that it capture the whole market
Therefore the second option is correct
Answer:
small; standardized; little or no
Explanation:
A perfect competition is when there are many firms in an industry selling standardised or identical goods and services. It is characterised by many buyers and sellers . Sellers have small market share because of the large number of sellers in the market. Prices are usually set by market forces. Sellers cannot influence the price their products sell for , therefore, they are price takers.
There is little or no need for advertising as all firms sell identical goods.
I hope my answer helps you.
Explanation:
insurances customers don't have a complicated need they want to be able to choose from a good selection of policies at a responsible prices they want clear transparent information and their wants more than hassle-free interactions
hope it helps u
Questions from potential investors will be related to the functionality of the business plan presented. These questions have to be answered in a professional manner in the sense that the presenter has to be friendly and accommodating in his attitude. He should make eye contacts with the questioners. Each question should be answered with the goal of making the questioner understand the question that is bothering him or her. Answers should be given in a formal and explanatory tone that suggest that the presenter knows what he is talking about.