Answer:
Rare resources
Explanation:
Rare resources are unique resources that is not controlled or possessed by many competing firms. Only a small number of competing companies control it. It usually stands out by being distinctive among the set of future competitors. Rare resources are short in supply and capable of persisting over an extended time, this makes it a source of competitive advantage for a company.
<u>Given:</u>
Elasticity of Demand = 2
Decrease in price = 1%
<u>To find:</u>
Change in quantity demanded
<u>Solution:</u>
The percentage change in quantity demanded is the mathematical product of the percentage change in price and elasticity of demand. This can be mathematically represented as,
Since, there is a decrease in price, the demand for the product will increase. Therefore, we can conclude that there will be 2% increase in quantity demanded
Yes this statement is true.
Explanation:
The sale of banana will add the twice contribution in the GDP as because the price is double and the sell of every single unit in the market in comparison of apple is able to add more currency in the economy than a sell of every single unit of apple.
The higher price may affect the sale as people will move to the other alternative but how much sell of banana will take place will able to add more money in the market as compared to apple.
Answer:
The marginal benefit is greater than the marginal cost of an additional crop-dusting.
Explanation:
Marginal benefit is the extra utility derived from consuming one more unit or a good or service. Is the maximum amount that a consumer can pay for consuming an additional unit of a product or a service.
The concept of marginal benefit focuses on why consumers are ready to pay a specific amount of money for some goods, but refrain from doing the same for another product.
This concept helps companies ensure that the utility of their products does not diminish.
A marginal cost is the additional cost to produce one more unit. It is high initially and drops as production increases.
In the intersection of marginal benefit and cost, is the point where the marginal revenue is equal to the marginal cost.
If the marginal revenue is bigger than the marginal cost, is convenient.
Answer: See explanation
Explanation:
1. How should a consumer seek remedy once they have experienced unfair financial practices?
D Take steps to properly file a dispute and engage an advocate to handle their case.
2. How are consumers responsible for their own security?
D. They should use and regularly update an antivirus program to protect their personal information.
3. Which statement correctly describes an internet security issues.
D. Hackers attempts to deceive people into revealing personal information with fraudulent emails and social media requests.
