Answer:
both measures that can be used to measure standards of living because they are both measures of how much money people have.
Explanation:
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Answer:
The opportunity cost of the student-athlete returning to college next year is $1,000,000
Explanation:
Opportunity costs is the benefit that the student-athlete misses out when choosing one alternative over another.
In this case, the opportunity costs is playing for a minor league baseball team ($1,000,000) because is the higher offer between the alternatives.
Strategic business units that compete in a low-growth market but hold considerable market share are called <u>Cash Cows</u> because their earnings and cash flows are high and stable.
<h3>What is the Cash Cow?</h3>
The cash cow is a quadrant in the BCG matrix that shows that a unit has a consistently profitable business and possesses the following characteristics:
- Competes in a low-growth market.
- Holds considerable market share.
- High and stable cash flows and earnings.
Thus, the strategic business unit with the above characteristics is a <u>cash cow</u>.
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Answer:
demand; inelastic
Explanation:
Price discrimination is when a seller charges different prices for the same product in different markets. Price discrimination is usually practised by monopolists. The aim of price discrimination is to eliminate consumer surplus.
A seller would usually charge a higher price to a consumer whose demand is price inelastic. This means that the quantity demanded is less sensitive to changes in price.
If the seller charges a higher price to a consumer whose demand is price elastic, the consumer would reduce the quantity demanded as a result of the rise in price and the total revenue of the seller would fall.
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The above statement mentioned with regard to specialization is false.
<h3>What is Specialization?</h3>
Specialization refers to the process in which a person and firm has the special advantage in the field of production activities. The various forms of specialization are International specialization, Regional specialization and Industrial specialization.
Even though trade is useful in many ways, such as boosting living standards and promoting international peace and security, it has negative implications, such as unwelcome competition for local firms, and hence is not beneficial to everyone.
Therefore, it can be concluded that the above statement is false.
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