Answer:
well im not in business school or learning about it but i can giv emy best shot! so if i were to give feedback to this i would say WOW
Explanation:
Answer:
Price; marginal cost; cost minimizing; output; Cost of production or cost of inputs involved in production
Explanation:
In perfect competition a firm is in equilibrium when its marginal cost of production is equal to the price of its product. The firm will be able to maximize profit or minimize cost at this point.
The demand curve is a horizontal line, which means demand is perfectly elastic. A change in the price will cause the demand to become zero.
The cost mentioned here is the cost incurred to employ inputs in the process of production, which is an explicit cost.
Answer:
The total surplus created by the transaction is $14,000.
Explanation:
Price of selling the car = $ 25,000
Minimum price = $19,000
Maximum price = $33,000
Seller surplus = selling price of car - minimum price the seller would accept
= $25,000 - $19,000
= $ 6,000
Buyer surplus = price buyer is willing to pay - price paid by buyer
= $33,000 - $25,000
= $ 8,000
Total surplus = seller surplus + buyer surplus
= $6,000 + $8,000
= $14,000
Answer:
The correct answer is the first option: True.
Explanation:
On one hand, the ASEAN and the<em> NAFTA</em> are both agreements between countries that <em>tend to facilitate and improve the commerce and the economic conditions and situations</em> of their proper countries. Moreover, their main purpose is to <em>established a better economic trade</em> and agreement between the parties involve in both cases.
On the other hand, the European Union is also an <em>economic union</em> but with the main and more importance difference that it is a<em> political union</em> as well. Furthermore, that agreement is regulated by a <em>common system of laws </em>in the countries in order to <em>established an internal single market</em> and <em>ensure the free movement of people, goods, services and capital</em> within that internal market. Therefore that <u><em>the EU is a construct very similar to the others but with the difference of being a political union also</em></u>.