Answer:
The correct answer is option (C)utilitarian approach.
Explanation:
Utilitarian approach: It is referred to as an action in relative to outcomes and reaction
For example, the cost and net benefits of all group of people based on an individual level. that is, by works towards achieving or aiming for the best for the greatest number while producing the least amount of suffering or harm.
Answer: Micropreneur
Explanation: In simple words, micropreneur refers to an individual who is willing to start a business at a very small level. Usually these individuals pursue their hobbies as their business so that they can gain some profit while living a balanced life style.
In the given case, Mandy is willing to start a business out of an art she is perfect in. Also she is going to start it at a very small level o that she can take care of her children at the same time.
Hence from the above we can conclude that Mandy is a micropreneur.
Answer:
Pure or perfect competition is a theoretical market structure in which the following criteria are met: All firms sell an identical product (the product is a "commodity" or "homogeneous"). All firms are price takers (they cannot influence the market price of their product). Market share has no influence on prices.
Answer: Option (B) is correct.
Explanation:
Correct option: Decreasing marginal product.
Marginal product is the change in the level of output, when there will be an extra input employed in the production of a certain commodity.
So, Marginal Product = 
Where,
Q = Output
I = Input
Marginal product of 1st bag = 500
Marginal product of 2nd bag = 
= 300
Marginal product of 3rd bag = 
= 100
∴ From the above calculations, we can seen that as we employed one more bag of seeds as a result marginal product goes on diminishing.
Hence, Joan's production function exhibits decreasing marginal product.
