Answer:
The correct answer is (A)
Explanation:
Monopoly and monopolistic competition are similar in many ways. In both type of markets the firms are usually the price makers. Being the only firm in the market gives them an opportunity to earn abnormal profits and in both cases firms earn abnormal profits. Perfect competition is a type of market that is totally different in terms of number of sellers and buyers. In perfect competition firms are the price takers.
Answer:
Supplier sells the goods at various prices, depending on how much consumers want it, and at the rate that the goods are being sold.
For example, now, during the pandemic, face masks are now in very very high demand. Due to this, suppliers has now increased the price of the face masks, as to take advantage of the current situation
Explanation:
Yes it is always good to have a bigger clear picture of the things or issues you need to address, but along with the bigger view, minute details are also important. Putting minute details in order will allow you to see the clear and real picture of the scenario. It is no doubt good to have a bigger view of things, but small details constitute the bigger picture, so small details are equally rather more important in getting the things rights. For example if you are at work and you are the in-charge at the manufacturing site, you will not only be concerned about the final product but also need to check the raw materials and all other inputs that are being given in the process to get the required product. So each and every detail is important while working in an organization.
Answer:
1.71 household items
Explanation:
In this question, we learn that the family will only consume two goods: outings and household items. The family can either have access to 14 outings or 24 household items. This means that:
opportunity cost of 14 outings = opportunity cost of 24 household items
Therefore,
opportunity cost of 1 outing = 1.71 household items
