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mr Goodwill [35]
3 years ago
14

The law of increasing opportunity costs:_______a. refutes the principle of comparative advantage. b. applies to land-intensive c

ommodities but not to labor-intensive or capital-intensive commodities. c. may limit the extent to which a nation specializes in producing a particular product. d. results in straight-line production possibilities curves rather than curves that are bowed outward from the origin.
Business
1 answer:
Vladimir79 [104]3 years ago
5 0

Answer:

The correct answer is option c.

Explanation:

The law of increasing oportunity costs means that as we go on substituting production of one good for another the opportunity cost of sacrificing the alternative will go on increasing. That is whythe prodcution possibilty curve is concave and bowed outward.

Because of increasing opportunity costs, there is a limit to specialization of antions in production of a commodity. As they go on producing the goods they specialize in, the opportunity cost of giving up the alternative goes on increasing.

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What is the equilibrium quantity for phones?
Nana76 [90]

Answer:

Readjusting once again to marketplace conditions, the next year the company produces 65,000 phones, with a retail price of $45. At the end of the year, the company’s sold almost its total supply of phones. It indicates that the equilibrium quantity of phones is 65,000, at a retail price of $45 (which would be the equilibrium price). More Resources

Explanation:

According to our curve, the equilibrium point initially is indicated by point E on the graph, but since the supply of cellphones has increased, quantity supplied increases to the graph indicated by S 1 S 1, this causes an excess of the product in the market resulting in a stiff competition which often sees the sellers reduce their prices. hope that helps.

3 0
2 years ago
Came up with an idea, does the company i work for own it?
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8 0
2 years ago
Determine the amount of producer surplus generated in the following situation. So­Hee advertises her car for sale in the used­ca
abruzzese [7]

Answer:

The answer is: $0

Explanation:

Producer surplus is the difference between the maximum price a suppler is willing and able to sell its product and the price of the product.

SoHee was willing to sell her car for at least $1,500, but she wasn't able to do so since the fair market price is $1,200. So, producer surplus is $0.

6 0
3 years ago
Assume that the size of the underground economy increases both absolutely and relatively over time. As a result: 1. the accuracy
givi [52]

Answer:

4) GDP will tend to increasingly understate the level of output through time.

Explanation:

The GDP includes all the final and legal goods and services produced within a country during a year, and underground economies usually involve illegal activities. Since the GDP does not include underground activities (e.g. unreported income, illegal drugs, prostitution, gambling, etc.), it will understate the true level of economic activity.

The GDP only includes activities that are subject to taxes, but some economists estimate that the size of the US underground economy is between $2.25 trillion to $2.46 trillion.

3 0
2 years ago
While the percentages may not hold in a particular industry, the ______ rule suggests that a small fraction of customers provide
Talja [164]

Answer:

The correct answer is 80/20.

Explanation:

The Pareto Principle was described by economist and sociologist Vilfredo Pareto, which specifies an unequal relationship between inputs and outputs. The principle states that 20% of what goes into or is invested is responsible for 80% of the results obtained. In other words, 80% of the consequences derive from 20% of the causes; This is also known as the "Pareto rule" or the "80/20 rule."

The principle does not stipulate that all situations are going to show exactly this relationship, it refers to a typical distribution. In general, the principle can be interpreted as a minority of causes deriving from most of the results.

5 0
3 years ago
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