The right to encumber goods as collateral for a debt is dependent on who is holding title.

1 answer:

7 0

<span>This is an encumbrance. This is a claim against a person or entity's property by someone other than the owner. These are usually in the form of liens or mortgages, and can make it difficult (or illegal) to transfer the property to another person.</span>

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A competitive firm currently produces and sells 500 units of output. Its total revenue is $3,500; the marginal cost of producing

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Answer: Reduce output

Explanation: Profit = Total Revenue – Total Costs

Therefore, profit maximization occurs therefore, profit maximization occurs at the most significant gap or the biggest difference between the total revenue and the total cost.

TC = AC×Q = $4×500 = $2,000

Theoretically, profit maximization occurs where MR = MC

From the forgoing, producing an extra unit will increase the cost of the company thereby reducing profit.

The company should reduced output to around 499 units or less

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There are three ways to cope up with the problem of scarcity:

a. Economic growth.

b. Improvement of use of available resources.

c. Reduction of wants.

Explanation: Economic growth mean the ability if an economy to produces products and services. Using the products wisely can improve the usage and helps in saving the resources. Society can improve the use their existing or available resources in order to reduce the scarcity by: Efficiency in productivity, efficient allocation of resources, full employment with minimum wastage and equity.

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What types of businesses are needed to make the product and deliver it to the final consumer.

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Manufacturing and Merchandising businesses

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The type of Business needed to make the product is known as MANUFACTURING business. This business buys raw materials and refined them into products that later sell in bulk to wholesalers.

On the other hand, Merchandising business is a form of business that involves buying refined products at wholesale price and then sell to the final consumers.

Hence, in this case, then Greece answer is MANUFACTURING and MERCHANDIZING Business.

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