Answer:
The correct answer is letter "A": a market in which a good can be bought and sold at the same price.
Explanation:
Competitive markets are those with large numbers of producers fighting against each other to fulfill consumers' needs. In these markets, the producers and consumers cannot determine the price of the goods or services being traded. Both <em>participants are price-takers</em> which imply they will come to a point in which the price level offered by producers and desired by consumers will be equal.
Answer:
The correct answer is C. the difference between the highest price a consumer is willing to pay and the price the consumer actually pays.
Explanation:
Consumer surplus arises from the law of diminishing returns. This means that the first unit to acquire we value it highly but as we acquire additional units our valuation falls. However, the price we pay for any unit is always the same: the market price. In this way, we enjoy a positive surplus of the first units we acquire until we reach the last one in which the surplus will be zero.
In graphic terms, consumer surplus is measured as the area below the market demand curve and above the price line. The demand curve measures the amount consumers are willing to pay for each unit consumed. Then, the total area below the demand curve reflects the total utility of consumption of the good or service. If the price we pay for each unit is subtracted from this area, the consumer surplus is obtained.
Answer: b. three or four
Explanation:
Cover letters are meant to introduce the applicant for the role in a manner that would inspire the recruiter to want to take their applicant further in the recruitment process.
As such, the applicant should include some selling points to encourage this. One of said selling points is the possession of the skills that the role in question requires. A good number to possess/include in the letter is three to four of said skills because anything less might be too little and anything more might inspire distrust.
The answer in the space provided is hurt. It is because of
their influence in the following factors such as the variety, quantity and the
quality of products, the trade barriers will most likely hurt the domestic
consumers involved in it.
Answer: Altruism
Explanation: It refers to the behavior when an individual considers the benefit of other more important than the self benefit.
In the given case, the hotel chain has the sole purpose of providing best services to its customers. They are not ready to forego their dedication towards service even if it results in loss of their market share.
It is not a case of excellence as they are not charging extra for the same service to increase their profits.
Hence from the above we can conclude that the correct option is D.
