Answer:
The correct answer is letter "A": Perfect Competition.
Explanation:
Perfect Competition is a theoretical framework of the market, in which competition is as high as possible. In perfectly competitive markets, <em>all firms sell an identical product, all firms are price takers, all firms have a relatively small market share, buyers have complete information about the product and prices, </em>and <em>the industry is characterized by low to no barriers to enter and exit a business</em>. Perfect competitive markets do not exist in real life.
Thus, <em>if the price a consumer is willing to pay for a product is greater than its marginal cost, that individual is likely in a perfectly competitive market.</em>
Answer:
The correct answer is letter "B": human resource manager.
Explanation:
Human Resource (HR) Managers are executives involved in all the processes of a company where it is needed to deal with employees and concerns. HR managers are the support of other businesses to implement strategies on how to administrate their labor force. HR managers are seen as the links between workers at all levels and high-rank executives.
Answer:
3. Correctly ignored a sunk cost
Explanation:
Sunk costs refer to those costs which have been incurred in the past, which are non recoverable and which have no current or future benefits.
Sunk costs are considered as irrelevant for decision making process as they do not relate to current period and have no future implications. For example, research and development expenditure incurred in the past represents a sunk cost.
In the given case, the ticket for opera was already purchased for $100 which can now neither be recovered nor transferred. Thus this cost is irrelevant for decision making as expenditure has already been made. When Shen decided to go for a party instead of the concert, Shen has correctly ignored a sunk cost.
