The Economic boom<span> of the 1920s saw rapid growth in GDP, production levels and living standards. The growth was fuelled by new technologies and production processes such as the assembly line. The </span>economic<span> growth also caused an unprecedented rise in stock market values – share prices increased much more than GDP.
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If the quantity supplied by producers is relatively insensitive to price changes, supply is price inelastic.
Inelastic demand is demand for which the change in quantity demanded is small due to changes in price. Demand is elastic if the formula yields an absolute value greater than 1. In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic.
For example, consumers are less price relatively insensitive if the product or service is unique or has few alternatives. Consumers are less price sensitive when total costs are low relative to total revenues. The total effort compared to the total cost of the final product also influences price sensitivity.
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<em>Your question is incomplete. please read below to find the full content.</em>
If the quantity supplied by producers is relatively insensitive to price changes, supply is ______. Multiple choice question.
price inelastic.
quantity demanded.
relative price increase.
change in price.
The entrepreneurial qualities that helps any businessman to be successful in his or her business are as follows:
1) The quality of goods and services should be maintained.
2) The information regarding the product needs to be disseminated to the public.
3) Finance and funding should be taken care of to avoid illegal profits and bankruptcy.
4) True and fair means of practices should be followed.
5) The entrepreneur should be accountable and responsible for the services provided by him.
A problem in developing effective compensation for teams is that rewarding individuals erodes cohesiveness. Thus the first option is correct.
<h3>What is Cohesiveness?</h3>
Cohesiveness refers to the act or the property of togetherness. in the group , cohesiveness can be seen when the group performs the activity. It is important to have cohesiveness in every group for the accomplishment of the task.
When a individual in a group is provided a compensation it leads to dispute and chaos which erodes the cohesiveness of the group. Thus the first option is correct.
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Economies of scale and intra-industry trade combine to produce variety for customers.
Industry (Economy), broadly classified
Industry (Manufacturing), a specific industry, usually in a factory with machinery. A broader industrial sector of the economy that includes the manufacture and production of other intermediate or final products.
General Characteristics of Industrial Society and Modes of Production
Industrialization, Transformation into Industrial Society
Industrial Classification, Classification of Economic Organizations and Activities.
An industry is a group of companies related by their primary business activities. There are dozens of industrial classifications in the modern economy. Industry classifications are usually grouped into larger categories called sectors.
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