Answer:
e) perfectly elastic
Explanation:
Elasticity is a measure of the sensitivity of demand to the price of a product. If demand is elastic, bidders should avoid raising prices as demand decreases considerably. Conversely, when demand is inelastic, consumers are less sensitive to price changes. When demand is perfectly elastic, this means that a slight increase in the price of a good will cause all demand to flow to a competing supplier. This is observed in competitive markets where providers provide the same type of good for the market price. If one of them raises the price, he loses all of his market share. This is because consumers are rational and will buy the product that is offered at the lowest possible price.
Answer:
d. Milton Friedman
Explanation:
Milton Friedman is an American economist that believed in the free market capitalism. He was a free market advocate. He therefore advocated that the social responsibility of a manager is to maximize shareholders returns.
Answer:
NICK
NICK
2
Explanation:
A company has absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries
Nick prepares food in 8 hours while Beth produces the food in 12 hours. ick thus has an absolute advantage in food preparation because he produces food in less time
A country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries.
Opportunity cost of Nick in food preparation = 4/8 = 0.5 hours
Opportunity cost of Beth in food preparation = 3 / 12 = 0.25 hours
Nick has a comparative advantage in food preparation
Answer:
they promote there company by advertising the product making commercial
