Answer:
A. It is the income foregone by not using a resource in an alternative way.
Explanation:
Opportunity cost is the income foregone by not using a resource in an alternative way.
Opportunity cost is refers to the value of what you have to give up in order to choose something else. It can also be called REAL COST.
It also refers to the value or benefits of something that must be given up in order to acquire another thing.
You must pay two types of taxes on earned income: Social Security/Medicare taxes (called FICA, OASDI, or payroll taxes) and income taxes. The payroll taxes that are withheld from your paycheck have two components.
Answer:
Correct Answer is Option c
It is efficient to build the fence.
(The net profit is 100 to each for an entire of 200 and the cost is 150, consequently it is efficient. For example both contribute 75, and their evaluation is 100 so both are better off with the barrier built)
a) and b) are incorrect as disbursing more than the own evaluation is not a firmly conquered strategy and each player giving 100 will be corresponding to a total of 200 and it is not a Nash equilibrium as both can reduction what they pay and be better off.
d) There are Nash equilibria in which the fence is not built. (Assume one is paying 0, then the cost to be reserved up by the other one will be 150 and the evaluation is 100, so both paying 0 will be a Nash equilibria as neither have any inducement to deviate and pay alone).
The common denominator for decisions on service processes is customer contact while but for manufacturing processes, it is product variety.
<h3>What is a common denominator?</h3>
This refers to the feature that is shared by all members, item, quantity of a subject matter.
Hence, the common denominator for decisions on service processes is customer contact while but for manufacturing processes, it is product variety.
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Answer:
Option E.
All 4 of the listed benefits are correct
Explanation:
Self-regulation in business is a practice whereby businesses come together to set standards and guidelines for themselves and any other new business that are coming into the industry.
All the options are correct when we are talking about the benefits of self-regulation
A. It is less expensive when businesses self regulate since they would set standards and prices that favour themselves rather than when those regulations are out in place by external bodies.
B. The guidelines set by the businesses are practical and realistic as they will only agree on what will work out well for themselves
C. Since the bodies can regulate their industrial activities themselves, there is no need for the government to step in.
D. It is relatively easier for the associations to enforce the guidelines since they are all in the same industry and they belong to the same association.
