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Mrac [35]
3 years ago
13

​________ is used to describe how changes in price affect a​ consumer's purchasing​ power, and​ ________ is used to describe how

a change in price affects the quantity demanded of a good by making it more or less expensive than substitute goods.
a. the income​ effect; the substitution effect

b. the law of​ demand; the income effect

c. the substitution​ effect; the income effect

d. the substitution​ effect; the law of demand
Business
2 answers:
baherus [9]3 years ago
8 0

D. The substitution effect/ the law of demand

The substitution effect says when the price of one good goes up, consumers will replace it with a similar less expensive good (like buying generic paper towels)

The law of demand says that quantity demanded is <em>inversley </em>related to price, so as price goes up demand goes down.

stiv31 [10]3 years ago
4 0

Answer:

d. the substitution​ effect; the law of demand

Explanation:

just took the test

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A competitive strategy of striving to be the low-cost provider is particularly attractive when a. buyers are not price sensitive
PilotLPTM [1.2K]

Answer:

d. price competition is especially vigorous, buyers have low switching costs, and the majority of industry sales are made to a few, large volume buyers.

Explanation:

Michael Porter specified 4 generic strategies for gaining competitive advantage, which are namely,

1. Cost Focus

2. Differentiation Focus

3. Cost Leadership

4. Differentiation

Cost leadership refers to charging lowest price and attaining cost advantage in the industry.

Differentiation refers to designing products with unique attributes.

Striving to be low cost provider would be most attractive when the buyers have low switching costs i.e it is easier and cheap to switch between products and wherein buyers are large and exercise considerable bargaining power.

Thus, the correct option is (d). price competition is especially vigorous, buyers have low switching costs, and the majority of industry sales are made to a few, large volume buyers.

6 0
3 years ago
If shell decided to open a new service station I a rural area of uk, which was not well serviced with filling stations, it would
timofeeve [1]

Answer:

The stakeholders are ; Customers, shareholders/investors, local community, suppliers, employees, Government, competitors, creditors etc.

Explanation:

Stakeholders are a group of people or individuals within a locality, whose interest is Paramount to the survival of an organization.

There are two types of stakeholders, which are;

Internal stakeholders : These group of people or individuals are part of the organization . eg employees, board of directors, managers. Etc.

External stakeholders: These group of people or individuals are not part of the organization but have interest in its performance. Eg local community, media, consumers, suppliers etc.

There are also primary stakeholders and secondary stakeholders.

Primary stakeholders. I.e those who have financial interest in an organization. Eg creditors, shareholders/investors etc.

Secondary stakeholders. i.e those who do not have financial interest but whose decision is influential. Eg trade union, government body etc.

As in the scenario above, impact of shell on several stakeholders are enumerated below;

-Employees: There must be job security for employees, clean and safe working environment and there must be regular source of income with which salaries will be paid.

-Shareholders/Investors:They expect maximum returns on their investment in form of dividends. They also expected to be given preferential treatment in terms of lower prices and little or no value lost on their investment.

-Customer: They expect that products to be sold are reliable and safe for consumption and at fair prices.

-Suppliers: Price of product supplied should be agreed by parties involved. Suppliers also expect regular and frequent orders from them.

-local community: These people expect steady employment for their children, provision of social amenities like tarred roads, community hall, cinema hall etc and avoidance of noise and environmental pollution.

-Competitors: There should be healthy rivalry among producers of similar products and all element of demarketing should be avoided.

-Government ; Government expect from shell constant and regular payments of taxes, compliance with local laws and provision of corporate social responsibilities to the host community.

-Creditors: The creditors would expect adequate returns on their loan investment, absence of failure to payback money owned them and repayment of money owed to them at the agreed date.

4 0
3 years ago
Hayes Bakery has sales of $30,600, costs of $15,350, an addition to retained earnings of $4,221, dividends paid of $469, interes
scZoUnD [109]

Answer:

$8,013

Explanation:

The computation of the amount of the depreciation expense is shown below:

The net income is

= An addition to retained earnings + cash dividend paid

= $4,221 + $469

= $4,690

Now the earning before tax

= (Net income) ÷ (1 - tax rate)

= ($4,690) ÷(1 - 0.21)

= $5,937

Now the earning before tax and interest is

= $5,937 + $1,300

= $7,237

So, the depreciation expense is

= $30,600 - $15,350 - $7,237

= $8,013

8 0
3 years ago
Even though Carol shows sociability aggression apathy , she lacks responsibility self-esteem honesty
Blizzard [7]
Sounds like she needs a meeting with her supervisor and hr director. Any privilege of being paid comes with responsibility to the job role and team members, where she'll be held accountable for her deliverables by her boss.
8 0
3 years ago
All Seasons, Inc. ordered $5,000 worth of Christmas decorations from Santa, Inc. The shipment of decorations was to arrive no la
Leya [2.2K]

Answer:

C. Compensatory damages and consequential damages.

Explanation:

The reason is that the company can only sue Santa for its compensatory damage of paying 15% extra and consequential damages which are only claimable if the party to contract knows that not performing the contract will contribute to consequential damages which are here losses of sales which amount to 25% of sales.

5 0
3 years ago
Read 2 more answers
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