Answer:
b. comparative advantage
Explanation:
Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.
Simply stated, it is the cost of not enjoying the benefits, profits or value associated with the alternative forgone or best alternative choice available.
For example, if you decide to invest resources such as money in a food business (restaurant), your opportunity cost would be the profits you could have earned if you had invest the same amount of resources in a salon business or any other business as the case may be.
In this scenario, Farmer Jane's opportunity cost of producing corn is lower than Farmer John's, therefore, she has a comparative advantage in producing corn.
Comparative advantage in economics is the ability of an individual or country to produce a specific good or service at a lower opportunity cost better than another individual or country.
Hence, the comparative advantage gives an individual or country a stronger sales margin than their competitors as they are able to sell their specific products or render their peculiar services at a lower opportunity cost.
Answer:
The infant industry argument says that Question 7 options:
tariffs should be imposed to allow a new industry in a country to get established.
Explanation:
The argument for the infant industry protectionism suggests that the imposition of tariffs on imports gives a new industry in the country the required breathing space it requires to develop, grow, and be established before it can face competitive forces from outside, which imports imply. Since newly formed industries often do not command the economies of scale and learning experience that their competitors from other countries may have, therefore, they need to be singularly shaded from external competition until they have achieved similar economies of scale and learning curve. But, can they attain any competitive edge without learning from competitors?
Answer:
5,000
Explanation:
Variable cost per unit = $250
Sales price would be set at twice the VC/unit
Therefore, Sales price = 2 × $250
= $500
Fixed costs = $750,000
If operating income of $500,000 or more is expected
Let the sales volume be y, then
500y - 750,000 - 250y = 500,00
250y = 750,000 + 500,000
250y = 1,250,000
y = 1,250,000/250
y = 5,000
Minimum sales volume to have an operating income of $500,000 or more is 5,000.
I think the answer to this question is: Strategic leadership
Strategic leadership is the ability to influence other to do something that will be beneficial for our group
This kind of skill is really important to ensure company's long term success and operational stability between each of the group members
