Answer:
C. Cost-plus
Explanation:
Cost-plus pricing approach is an approach in which the selling price is determined by adding a specific amount markup to the product cost of production or unit cost. It is also called MARKUP pricing. It involves adding a markup to the cost of goods and services to arrive at a selling price.
In this case, a markup of $1.50 was added to the cost of producing the product $3.50, to have a selling price of $5.
Answer: 1. Investment; 2. Consumption; 3. Investment; 4. Consumption
Explanation: Consumption is defined as trading money for good or services as an individual as well as to absorb information, especially through a media form. It refers to expenditure on consumer goods that are not used in the production of other goods and services.
Investment on the other hand refers to expenditure on capital goods or assets that can be used to produce other goods and services thus investment spending stimulates greater production in an economy than consumption spending does.
Private consumption spending in this case would include people buying newspapers and firms buying soft drinks for a holiday party. Private investment spending includes laundromats buying washing machines and firms buying automobile for delivery services.
Answer: People making choices based on their limited resources
Explanation:
The option best describes the main behavior that economics studies is People making choices based on their limited resources.
Economics is a social science subject which studies how humans behaves due to scarcity and due to the limited resources that are available.
As a result of limited resources, Individuals or economic agents have to make choices and choose the good or service that matters most to them. This is where opportunity cost comes in as other options are left and the best option is chosen.
The definition of opportunity cost is Highest-valued option forgone
Change in opportunity cost :
When there is a change in the highest-valued option forgone, the opportunity cost will then be changed.
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