Answer:
B) The value of the ingredients that go into the home-cooked meal and the value of a five-dollar dinner at Burger Joint .
Explanation:
Opportunity costs can be defined as the cost for choosing one alternative investment or action over another.
If you choose to use the five dollar gift card, you are going to eat for free, although you might not enjoy that meal as much as your delicious home made dinner.
But if you choose to eat a delicious meal at home, you are going to lose the five dollars of the give card and will have to spend a certain amount of money in making the dinner. Those same ingredients could be used to prepare dinner tomorrow. That is your opportunity cost of eating at home.
Answer:
attract other firms to enter the industry, causing the existing firms' profits to shrink.
Explanation:
Monopolistic competition can be defined as an imperfect competition where many producers or organizations sell differentiated products that are not perfect substitutes. Examples of firms or organizations engaging in a monopolistic competition are restaurants, shoes, clothing lines etc.
Generally, a monopolistic competitive market is characterized by the presence of large numbers of firm (producers) and a very low entry barrier.
Hence, in a monopolistic competition, firms have a degree of control over price, make independent decisions and can freely enter or exit the market in the long-run. Therefore, these firms combine elements of both monopoly and competition.
When a monopolistically competitive firm is in long-run equilibrium marginal revenue is equal to marginal cost (MR = MC) . This ultimately implies that in the long-run, firms engaging in monopolistic competitive market are often going to manufacture the quantity of goods where the marginal cost (MC) curve intersect with the marginal revenue (MR). Also, the price set would be greater than the minimum average total cost (ATC).
Hence, assuming that in a monopolistically competitive industry, firms are earning economic profit. This situation will attract other firms to enter the industry, causing the existing firms' profits to shrink.
Answer:
The correct answer is cross-cultural literacy
Explanation:
Understanding the culture of the people of the host communities is vital to a multinational company survival in foreign countries as the host communities' acceptance plays a pivotal in the area of employing locals as well as ensuring no distruption to the business of Energy Resources Limited.
In understanding the culture of the people, employees are expected to carry out a careful and detailed evaluation of the norms, values, customs and beliefs of the locals to provide a basis for dealing and communicating with them in order to advance the interest of the company.
Answer:
2. More people needed to have discretionary income.
Explanation:
Discretionary income is a form of income that an individual has or remains with after paying for the necessary expenses such as tax, utility bills, rents, foodstuffs, etc.
Hence, "More people needed to have discretionary income" in a society before sports and entertainment marketing made sense as a business.
The reason is simple; it is after people had satisfied the necessary expenses that's when they can pay for entertainment under normal circumstance
After implementing a solution to a given work related problem the manager should evaluate the outcome of the solution
Explanation:
A manager should have leadership qualities where he or she is in charge of the entire group of people in the industry and is responsible for any mistakes or errors caused by the employees.
He or she should know how to tackle and provide solutions to a problem that is being faced by the company.
A manager should be a good role model for his/her subordinates and encourage them in solving their problems by themselves.
