Answer:
False
Explanation:
In a perfectly competitive market the sales revenue is based on pricing also. As the pricing policy also plays an important role in the marketing technique to attract customers.
As the quality served is generally the same in the market, there is no issue in that but when the price is reduced expected sales will increase and accordingly the expected revenue also increases.
As the sales is expected to increase the revenue will also increase accordingly, even though the price is reduced, due to increase in sales quantity the expected change shall not be same as that of the change in price.
Thus, the statement is False.
Answer: Government regulation, Economies of scale
Explanation:
Barriers to entry refers to the restrictions that are imposed on the entry of a new firm or business into the market. These can be,
a). <em>Government regulation</em>- Sometimes the government puts many restrictions on the entry of a new firm. These can be license requirement or by limiting the availability of a resource.
b). <em>Economies of scale</em>- These refer to the efficiency in production that occurs when one firm grows larger in size and is able to cover the entire market at a lower cost than many small firms producing the same good in smaller quantities. The cost of production is lower for a single firm than for many firms.
<span>The nervous system uses
Gamma-Amino Butyric acid (GABA) as a neurotransmitter in the central nervous
system. The use of several depressants increases the transmission of GABA that
may cause the nervous system to slow down. The reaction of the body to several
depressants is also unpredictable which makes it more dangerous.</span>
Answer:
1. Aunt Sandy's Jammin' Jellies (the business) - <u>Entrepreneurs </u>
Entrepreneurship refers to the process of bringing together the various other factors of production to be able to produce goods and services. Aunt Sandy's as a business is an entrepreneur as it brought together factors of production to make Jellies.
2. Anika, a server at Sonic Drive-In - <u>Labor</u>
Labor refers to the actual people who contribute to the business. Anika is a server at the Drive- In and so works there contributing to the success of the business so she is Labor.
3. Your favorite bartender - <u>Labor</u>
Like Anika above, your favorite bartender is also a person contributing to the success of the bar so is considered labor.
