Answer:
(c) MUa/Pa = MUb/Pb
Explanation:
The Utility Maximization Rule is
MUa/Pa = MUb/Pb, where MUa represents the marginal utility derived from good a, Pa represents the price of good a, MUb represents the marginal utility of good b and Pb represents the price of good b.
Answer:
b.$9,290
Explanation:
Calculation for What was the balance of Work in Process as of April 30
WORK IN PROCESS=[(61,100+191,300+57,390)-306,600]+6,100
WORK IN PROCESS=(309,790-306,600)+6,100
WORK IN PROCESS=3,160+6,100
WORK IN PROCESS=$9,290
Therefore the balance of Work in Process as of April 30 will be $9,290
Answer:
D. Have unlimited economic wants, but limited resources
Explanation:
Economics studies human behaviour in relation to ends and scarce means. Wants are unlimited but the resources to satisfy these wants are limited hence the resources are used to meet the unlimited wants in order of importance (scale of preference).
The wants forgone are known as the opportunity cost of the wants that are satisfied with the limited resources.
Hence a recurring theme in economics is that people have unlimited economic wants, but limited resources.
Answer:
Price takers
marginal cost curve equal their supply curve
Explanation:
An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.
Oligopolies are characterised by:
price setting firms
product differentiation
profit maximisation
high barriers to entry or exit of firms
downward sloping demand curve
The firm that sets the market price in an oligopoly is known as the price setter while the firms that accepts the price set are known as the price takers
Answer:
The correct answer is letter "C": labor force population.
Explanation:
The labor force population includes all individuals who can be categorized as employed or unemployed. Employed are those who offer their services in return of compensation at least one (1) hour per week or those who have a job but are temporarily not working -medical reasons, for instance. Unemployed are those who do not have a job, though, are actively looking for one.
