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ira [324]
3 years ago
10

Economics is a social science that studies how individuals, institutions, and society may:

Business
2 answers:
Anna [14]3 years ago
4 0

Answer:

The correct answer is letter "C": Best use resources to maximize satisfaction of economic wants.

Explanation:

Scarcity is the elemental economic problem by which individuals have unlimited needs but only limited resources to satisfy them. This scenario leads to trade-offs. People will have to sacrifice part of the satisfaction of one good so the satisfaction of another can also be fulfilled.

<em />

<em>Scarcity pushes individuals to allocate their resources efficiently.</em>

I am Lyosha [343]3 years ago
3 0

Answer:

C. Best use resources to maximize satisfaction of economic wants

Explanation:

Economics is a social science that studies human behaviour in relation to ends and scarce means resulting in alternative uses. This definition by Lord Robbins deals with the basic concept of economics.

Human wants are unlimited however, the resources available to satisfy these wants are limited hence choices have to be made in other of importance for the allotment of the limited resources in satisfying the unlimited wants resulting in scale of preference and opportunity cost.

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Suppose a firm’s total revenue is $100 when it sells 10 units, and $110 when it sells 11 units. The firm, therefore, is a(n):
Andru [333]

Answer:

perfect competitor

Explanation:

Given:

Firm's total revenue when 10 units are sold = $100

Firm's total revenue when 11 units are sold = $110

Average Revenue = \frac{\textup{Total revenue}}{\textup{Total units sold}}

or

Average Revenue = \frac{100}{10} = $10

and,

the marginal revenue = $110 - $100 = $10

Since,

the average revenue and the marginal revenue for the firm is equal,

therefore, the is a perfect competitor

3 0
3 years ago
If Gross Domestic Product was $17 trillion in 2008 and $16 trillion in 2009. Which of the following actions would Congress be mo
cestrela7 [59]

Answer:

1 trillion

Explanation:

6 0
2 years ago
A company sold merchandise with a cost of​ $217 for​ $390 on account. The seller uses the perpetual inventory system. The entry
Elden [556K]

Answer:a debit to Cost of Goods Sold and a credit to Merchandise Inventory for​ $217

( The answer Is not in the options given)

Explanation:

The Perpetual inventory is a method of accounting for inventory  which immediately records when an inventory is sold or purchased using the available point-of-sale software systems of the particular business.

In that regard , the entry to record  cost of merchandise sold

Account titles                                              Debit         Credit

Cost of goods (Merchandise sold)             $217

Merchandise Inventory                                                    $217

7 0
2 years ago
Managerial accountants:
Lorico [155]

Managerial accountants provide managers within the organization with reports to make good business decisions.

<h3>Who are Managerial accountants?</h3>

They are account managers, they help a company to manage the financial account and hep to make decisions based on the trend on the account.

They also hep perform various task that is associated with the account.

Therefore, Managerial accountants provide managers within the organization with reports to make good business decisions.

Learn more on managerial accounting here,

brainly.com/question/25161518

#SPJ1

8 0
2 years ago
In most businesses, what is the most costly factor of production?
Paraphin [41]
Man it keeps recomending your questions XD its Human capital
4 0
3 years ago
Read 2 more answers
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