Answer:
D
Explanation:
If the price of corn is above its equilibrium price, corn becomes more expensive to consumers. As a result, they reduce the quantity demanded of corn. there would be a movement along the demand curve for corn and not a shift of the demand curve.
Quantity supplied would also increase as a result of the high price. The fall in quantity demanded coupled with the rise in quantity supplied would lead to a surplus. Due to the surplus, sellers would reduce price until price falls to equilibrium price
Answer:
production cost; opportunity cost
Explanation:
Answer:
The correct answer is letter "B": rational people think at the margin.
Explanation:
The "rational people think at the margin" principle means that consumers consider the marginal benefits and costs of acquiring a good or service before the purchase is made. Purchases typically take place when the marginal benefit is higher than the marginal cost.
Answer:
Test marketing
Explanation:
Test marketing is a marketing strategy that is undertaken to assess how a product or service will be perceived by the larger market. A small number of representatives is chosen to try the new product or service before the product is launched to the larger market.
Answer:
6.25 years
Explanation:
The formula to compute the payback period is shown below:
= Initial investment ÷ Net cash flow
where,
The Initial investment is $50,000
And, the net cash flow is $8,000
Now put these values to the above formula
So, the value would equal to
= ($50,00) ÷ ($8,000)
= 6.25 years
All other information which is given is not relevant. Hence, ignored it
