Free market and laissez-faire are opposite for socialism as this type of market is free from the government control.
Explanation:
The free market and laissez-faire are the type of market in which government has no control. The decision of what t produce, how to produce, how much to produce and other decisions like price are decided by the producers itself only.
This type of market is opposite for socialism as the motive of this market is to profit maximization and not social welfare as it is out of from government control.
Answer:
500
Explanation:
please find attached the table referred to in this question and a second table where marginal cost is included
A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply.
in a perfect competition, price = marginal cost = marginal revenue
Marginal cost = total cost 2 - total cost 1
e.g. marginal cost at 2 units of output = $7 - $2 = $5
Hank and Helen would supply at the point where marginal cost is equal to $5.
looking at the second attached table, there are two points where marginal cost is equal to $5. at output 1 and output 5.
at output one, Hank and Helen would be earning a loss because total cost is greater than total revenue. so they would not supply at this point.
at output five, Hank and Helen would earn a profit and thus would supply at 5 units of output.
Since all firms face and identical cost structure, the industry supply would be 100 x 5 = 500 pounds
Scientific method involves ways in which you would solve something while the others are just assuming or wondering what could happen.
Answer:
A) Behavioural
Explanation:
Behavioral control refers to facts that show whether there is a right to direct or control how the worker does the work. A worker is an employee when the business has the right to direct and control the worker. The business does not have to actually direct or control the way the work is done as long as the employer has the right to direct and control the work.
1. If Milo should try to sue Jess, the court will decide that
- that the parties had a contract, but the damages could not be ascertained because the hourly rate and number of hours had not been determined.
2. Yes, Sylvia will have to pay Sarah for painting the store, even though she did not verbally agree to the contract.
3. The store manager is most likely to explain to Arlene here that the advertisement is a valid offer, and the store must honor the price in the advertisement.
<h3>What is a business contract?</h3>
A contract can be referred to as business arrangements. They are very enforceable in the case of a breach by a court of law.
A business contract usually makes specifications concerning when a business would be done, the completion, and the payment for the goods and services rendered.
One has to fully understand the terms of a contract before they go ahead to sign documents.
Read more on contracts here: brainly.com/question/984979
