Increased use of current inputs in the production process is the short-term response of aggregate supply to rising demand (and prices).
A company can't, for the short term, build a new factory or introduce new technology to boost production efficiency because the level of capital is fixed.
What is short run and long run aggregate supply?
The intersection of the economy's aggregate demand and long-run aggregate supply curves determines its equilibrium real GDP and price level in the long run. The short-run aggregate supply curve is an upward-sloping curve that shows the quantity of total output that will be produced at each price level in the short run.
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The amount of the surplus that is worthless to buyers and sellers but becomes tax income may be transferred to someone else through public policies, but it is not lost.
More about public policies:
The majority of the time, a government's established policies, laws, and behaviours make up its public policy. Concern over the new structure of government calls attention to how frequently state agencies now carry out these functions rather than the state itself.
By endorsing politicians and political parties, several individuals and organisations attempt to have an impact on public policy through the political process.
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Answer:
Cost-Plus
Explanation:
Cost plus pricing is a system of determining the selling price of an item by adding a determined amount called mark-up to the total cost of producing the item.Its purpose is to ensure that cost are fully recovered and profit are also made.
In a less competitive environment like Steinway's own , where pianos are being produced to the specification of waiting customers , this gives a good opportunity for cost plus marketing as threats from competitors are minimal or even nil.
The opportunity cost of studying economics for one hour in this context would be: <span>Watching two half-hour TV sitcoms
Opportunity cost refers to something that you have to sacrifice everytime one alternative is chosen. When the time is spent to study economics, the time available for you to watch tv will be gone.</span>
Pay yourself first is the budgeting strategy that is achieved by setting aside minimum of 10% of after-tax income for saving.
The term called "Pay yourself first" means a finance strategy which helps to increase and ensure consistent savings and investment.
- The goal of the budgeting strategy called "Pay yourself first" helps to ensure income is first saved or invested before the expenses start to decline the income..
In conclusion, Pay yourself first is the budgeting strategy that is achieved by setting aside minimum of 10% of after-tax income for saving.
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