Answer:
The price of goods needs to be increased.
Explanation:
Excess demand occurs when the quantity demanded is higher than the quantity supplied. This happens when the price of the good is lower than the equilibrium price. This can happen naturally in the market, or can happen if the government imposes a binding price floor.
The best way to solve excess demand is to raise the price, in order to reach equilibrium. Once in equilibrium, the price will coordinate the quantity supplied and the quantity demanded so that they're roughly equal.
Answer:
Even when competitive firms are unable to calculate marginal revenue product directly, <u>competition in the labor market</u> will push wage rates toward the marginal revenue product of labor.
Explanation:
The labor market is made up of employers seeking for labor and employees offering their labor services. The law of supply and demand also applies to this market, when more employers are seeking employees, the price (= salary) will increase.
For example, if many companies are making a profit and they need more labor, the salaries will rise because the demand is rising.
Also the suppliers, the potential employees, compete against each other for the best possible jobs.
Answer: Mass communication, and Journalism are the professions that advertising supports.
Advertising helps all forms of businesses
Explanation: Advertisement involves sending out information about a product/services an organization provides to it's target market. Advertisement has several forms such as the use of radio broadcast, televised adverts, posters, billboards, social media adverts etc.
Advertising has created a career for individuals in the area of Mass communication and journalism.
Answer: (D) Application of ethics to business situations
Explanation:
The applications of the business ethics is one of the form of professional ethics in an organization that helps in examine the overall ethical principle and also the moral problems in the environment.
It also helps in governing the actions during the decision making process and also manage the behavior of the person in an organization.
It is also refers to the unwritten principle and the values in an organization that helps managing the company. According to the given question, the application of the business ethics situation is basically encountered by the ethical maturity model.
Therefore, Option (D) is correct answer.
