Answer: (D.) All of the above are correct.
Explanation: If the factors of production are perfect substitutes then the following will hold true :
A. Isoquants are linear and downward sloping.
B. Cost-minimizing firms will generally use only labor or only capital in production, depending on the relative prices of labor and capital.
C. The elasticity of substitution between the inputs is infinite.
Answer:
the correct answer is
Micropreneurs are exempt from the local ordinances that restrict home-based businesses from operating in residential areas.false
<u>Explanation:</u>
It is true that the experienced workers are skilled workers so they complete the work quickly and efficiently when compared to the less experienced workers. Also the workers with experience have the ability to train the employees with less experience. Experienced workers do more work and they are more productive than less experienced workers so they receive higher wages.
Less experienced workers possess less skills so they are also paid less. training the workers is also a cost to the company so they pay less wages to inexperienced workers.
A surplus of a product will arise when price is, above equilibrium, with the result that quantity supplied exceeds quantity demanded.
<h3>What will a surplus of a product lead to?</h3>
The amount of utility or value that consumers and producers receive as a result of transactions is referred to as surplus in economic theory. Karl Marx explicitly theorized the economic idea of surplus product in his critique of political economy.
When the amount supplied exceeds the amount required, there is an excess supply, which is known as a market surplus. Consequently, some producers won't be able to sell all of their products. To make their goods more appealing, they will be compelled by this to reduce its price. Every producer and consumer in an economy seeks to increase excess in order to increase utility.
To learn more about surplus, visit:
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Answer:
40%
Explanation:,
In order to find the percent of Jay’s total revenue that was contributed by off site catering, you have to divide $20,000 by $50,000 to get the weight of off site catering revenue in the Jay's total revenue and multiply for 100 to get the percentage:
($20,000/$50,000)*100= 40%
