If it is a binding price floor, when the law is repealed, quantity demanded increases and quantity supplied decreases.
If it is a binding price ceiling, when the law is repealed, quantity demanded decreases and quantity supplied increases.
<h3>What is a price floor and a price ceiling?</h3>
A price floor is when the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Price ceiling is when the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
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If you are offered 2 fish for every 1 coconut by the Island's delegate then you will reject it because it cost more than 2 fish to make one coconut.
<h3>What should you do about the island delegate's offer?</h3>
In order to make one coconut, the number of fish that you give up are:
= 1500 / 500
= 3 fish
The Island's delegate is therefore offering you less fish than what it costs to produce a coconut so you should reject the offer.
First part of question is:
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You are the Minister of Trade for a small island country in the South Pacific with the annual production possibilities curve depicted below on the left. You are negotiating a deal with a neighboring island that has the annual PPC depicted below on the right:
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E. create value and benefits for owners, employees, and society.
Walmart and Procter & Gamble effectively implemented electronic data interchange, which allowed for information to flow directly from Walmart's store to Procter & Gamble's production facilities. this streamlined production as well as distribution, thus reducing costs and getting products to Walmart's customers sooner. Electronic data interchange (EDI) is a concept which includes communicating<span> of business information using a standardized format. EDI allows one company to send information to another company electronically rather than with paper. </span>
The factor that the salary hike effect is :
A. Fixed cost
Technically, no matter how much output the workers produced, the wages will stay the same
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