Answer:
A) The cost leadership strategy
Explanation:
Cost leadership is providing the service or supply of product without compromising the quality of service or product supplied.
In the given instance also, Maymart supplies goods without any decrease in quality standards that is goods are completely acceptable by customers, and that the goods are supplied at least price in the industry, this provides a competitive advantage to the company, by cost leadership.
As cost is least for consumer for same quality as demanded.
a balance achieved between two desirable but incompatible features; a compromise.
"a trade-off between objectivity and relevance"
Answer:
The aggregate demand curve is downward sloping because when the general level of price rise; the real wealth of consumers will decline (with a certain amount of money you end up buying less goods), the interest rates will increase (as inflation increases, interest rates also increase), and the price of exported goods increases (as the general price of goods increase, the production of goods will also become more expensive).
Answer:
This question is incomplete, here are the missing answers:
<em>a. medium of exchange</em>
<em>b. unit of account</em>
<em>c. backed by a precious metal</em>
<em>d. store of value</em>
<u>The answer is </u><u>c.</u>
Explanation:
Money has three general functions (characteristics):
- <em>medium of exchange</em> - Mainly created as the substitute of barter, money has the elementary use as an intermediary when exchanging goods or services.
- <em>unit of account</em> - In order to compare the value of certain goods and services, it is essential to measure them. This is where money applies as unit of account.
- <em>store of value </em>- Given that the money is stable (purchasing power and limited inflation), it is a general option for storing value. That means it can always be easily exchanged into goods or services, no matter the time.
According to basic elimination, <u>c. is the correct answer</u>. Also, it is also known that <em>backing money with gold</em> or silver reserves is an old practice which is irrelevant for most currencies nowadays. Today, the government is backing up the value of its currency. Such money is called <em>fiat money</em>.