Answer: reduce output.
Explanation:
In a competitive market, firms do not have control over the price that they sell their goods in the market but they do have control over their costs. It is recommended to produce/ sell goods at a quantity where Marginal Revenue will equal Marginal cost (MR = MC).
In a Competitive Market, Price is the same as Marginal revenue which means that Marginal revenue here is $25 and the Marginal Cost is $26. At this quantity of output, the Marginal Cost is larger than the Marginal revenue.
Company should therefore reduce output to a quantity where Marginal Cost will equal Marginal revenue.
1) C
2)B
3) A Hoped this helped you!
Answer:
However, the economy has been characterised by a structural shift in output over the past four decades.
Since the early 1990s, economic growth has been driven mainly by the tertiary sector – which includes wholesale and retail trade, tourism and communications. Now South Africa is moving towards becoming a knowledge-based economy, with a greater focus on technology, e-commerce and financial and other services.
Among the key sectors that contribute to the gross domestic product and keep the economic engine running are manufacturing, retail, financial services, communications, mining, agriculture and tourism.
Explanation:
South Africa’s economy has traditionally been in the primary sectors – the result of a wealth of mineral resources and favourable agricultural conditions.
Answer:
True
Explanation:
A team of eight individuals from the same department who meet for a few hours each week to discuss ways of improving quality, efficiency, and the work environment are most likely a self-managed work team.
A self-managed work team is a self-organized, semi-autonomous <u>small group of employees whose members determine, plan, and manage their day-to-day activities and duties under reduced or no supervision.</u>
A self-managed work team can also be referred to as a self directed team or self-managed natural work team.
Positive coorelation.
A price goes up, more companies will produce goods and services because they want to take advantage of the higher price.
