The aggregate demand curve shows a relationship between aggregate price level and demand at the given spending growth.
<h3>What is demand?</h3>
Demand is explained as the requirement of a certain product in the market, usually this demand is varied if the prices are changed and the demand also is impacted by the supply.
If the prices are high it is highly likely that the demand of that product will reduce if the product is not a necessity.
If the prices are lower the demand for the product will increase.
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Answer:
c. will earn zero economic profits but positive accounting profits
Explanation:
A competitive industry is characterised by many buyers and sellers of homogenous goods and services.
There are no barriers to entry and exit of firms. If firms in a competitive industry earn economic profit in the short run, firms enter into the industry in the long run and economic profit falls to zero.
A competitive firm earns accounting profit but doesn't earn economic profit.
Accounting profit = Revenue - Cost
Economic profit = Accounting profit - Opportunity cost
I hope my answer helps you.
First blank: economic
Second blank: limited resources
Answer:
D. Change and the cost of the activity is relevant to the decision.
Explanation:
Since flexible resources are supplied as needed, and their costs appear to be variable with demand, so change and the cost of the activity is relevant to the decision.
