<u>Answer:
</u>
In the circular flow model, goods markets provide for the transfer of money and labor markets provide for the transfer of inputs.
<u>Explanation:
</u>
- The liquidity of money in goods markets is kept unhindered by the flow of goods, as a result of which, the transfer of money keeps happening.
- On the other hand, the labor markets function as the source of necessary input that is required for the business to keep running.
- When both these markets work in synchronous, there is a circular flow of entities within the market.
The fact that the value of a company such as eBay increases as more people join and use eBay is characterized as the <u>Network effect.</u>
<h3>What is the Network effect?</h3>
The network effect is used to refer to instances where companies become more valuable when there are more people using the company's services and products.
This is especially common with E-commerce websites like eBay which became more valuable as more people both sold goods on it, and bought from it as well.
Find out more on the network effect at brainly.com/question/28487291
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The answer to the question above is "brand names cause consumers to be more sensitive to product differences" based on the result of Roberto's taste test. In the blind test, Roberto did not feel the unsavory flavor from the generic store-coke and he prefers that generic store-coke. This test proves that Roberto's taste is distracted by the brand.
Answer:
An implied agreement is based on a formal agreement.
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implied contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, etc.
Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.
Simply stated, mutual assent connotes agreement, acceptance and consent to a contract by both parties.
An implied contract can be defined as an informal contract that exists based on an assumption or understanding between two or more parties, rather than on terms that are formally and specifically defined.
This ultimately implies that, an implied agreement is not based on a formal agreement but on assumptions or understanding between the parties involved.
Answer:
Option A is false statement among these.
<u>The actual wage rate is almost always different from the standard rate</u>
Explanation:
The actual wage rate paid and standard rate established can be different causing the labour rate variance.
Direct labour cost variance is the difference between the standard cost for actual production and the actual cost in production. There are two kinds of labour variances. Labour Rate Variance is the difference between the standard cost and the actual cost paid for the actual number of hours.