Answer:
Kevin has analyzed the situation well. However, he should also consider the fact that he saved $10 by only purchasing the shirt.
Opportunity cost is the cost of the forgone alternative. Out of the 3 choices, he only purchased 1 of the choices, the opportunity cost are the other two choices. However, he is still capable of buying the flip-flops costing $10 but he chose not to do so. He should consider it as a savings aside from it being a lost opportunity.
Answer:
Demand for chocolate bars increases.
Explanation:
There are two goods: jelly beans and chocolate bars. They are substitute goods. We know that there is a positive relationship between the price of one good and the demand for other good. The substitute goods are generally have a positive cross price elasticity of demand.
This means that as the price of jelly beans increases then as a result the demand for chocolate bars increases even if the price chocolate remains the same.
Pure services, such as haircuts is the economic activity that would be included in the U.S. gross domestic product (GDP).
GDP does not reflect illicit or covert economic activity. This implies that only pure services like haircuts can be included in GDP. Personal consumption, corporate investment, government spending, and net exports are the four main components of the gross domestic product. GDP measures the nation's annual total economic production.
Typically, economists concentrate on the ideal GDP growth rate, which is generally accepted to be between 2% and 3% annually. When a nation's GDP is increasing at this rate, it typically experiences economic growth without the drawbacks of high inflation. A country's GDP may vary as per it's population size and availability of resources.
To know more about gross domestic product (GDP), refer to the following link:
brainly.com/question/13511171
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<span>Vincent enjoys teaching new employees the skills they need to make his products. The key phrase is “Vincent enjoys” which means he experiences a sense of fulfillment on what he is doing. His reason for being in the business himself is personal satisfaction.</span>
