Answer:
D. This agreement is not in the best interest of society, because there will be less competition and the price of cell phones will be significantly below marginal cost.
Explanation:
If the market for cell phones is an oligopoly market(Oligopoly market is a market situation where few firms are dominating the market), and the consumption and production of cell phone generate no negative externalizes and the major companies desired to collude and charge a single price for their product then this agreement is not in the best interest of society, because there will be less competition and the price of cell phones will be significantly below marginal cost.
The after-tax equilibrium quantity of cigarettes smoked will equal the socially optimal quantity of cigarettes smoked. The correct option is C.
<h3>What is the externality of smoking?</h3>
The externalities of smoking refers to the costs imposed by smoking on people other than smokers themselves, in particular through the health effects of passive smoking and the effects of smoking on health care costs and productivity.
Therefore, The after-tax equilibrium quantity of cigarettes smoked will equal the socially optimal quantity of cigarettes smoked. The correct option is C.
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Answer:
Correct Option is B (Rapid Prototyping)
Explanation:
Correct Option is B (Rapid Prototyping)
Rapid Prototyping is a technique which is used to test a new technology or hypothesis by giving it to the customer. Customer then use the product and provide feedback. From the customer feedback, changes are made according to the requirement and the feedback provided by the customer.
In San Francisco, there are many restaurants that specialize in a wide variety of cuisines. Patronage at these restaurants is influenced by factors such as tastes, price, and location. This market is option (b) i.e, monopolistically competitive.
<h3>
What is monopolistically competitive?</h3>
An industry with a lot of companies offering similar (but not identical) replacement goods or services is known as one with monopolistic competition. In a monopolistic competitive industry, there are few barriers to entry and exit, and no firm's decisions directly affect those of its rivals.
Monopolistic competition is characterized by a number of features.
- slight variations in the goods and services,
- Free access to the market and exit
- many businesses
- Profits from incomplete consumer knowledge
Consumer electronics, apparel, restaurants, and hair salons are a few examples of industries with monopolistic competition. Each business delivers goods that are comparable to those of other businesses in the same sector. They can, however, set themselves out through branding and marketing.
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The correct answer is $380 per unit.
The lower-of-cost-or market rule requires that you report the lower value of either the purchase price or current market price of items in inventory. In this case the current market price is lower, so it should be used when calculating the value of inventory.
