<span>We
repeat steps three and four in the scientific method such as to form a
hypothesis and conduct an experiment in order to arrive at the perfect answer
to the question and provide a right direction to further scientific
investigation and most importantly in order to verify the results. Since
different science disciplines have different criteria for determining what good
results are. “Practice make perfect” is apparently true for the experimentation
in order to develop skills which is necessary to extend established methods and
develop new experiments. Lastly, The experiment must also be reproducible so
that it can be tested for errors.</span>
Answer:
The correct answer would be option B, The attractiveness of the store's location and the time it takes to travel to the store.
Explanation:
According to the Huff Gravity Model, The two factors which attract customers to a store location are the attractiveness of that store's location and the time it takes to travel to the store.
This means that according to the Huff theory, people will likely to purchase from a store which is present at a more attractive location and also the time taken to reach at that specific store is less. For example, I myself prefer going to Lulu Hypermarket over Panda Hypermarket because of the difference in the location of both the stores and also Lulu Hypermarket is more near to me than Panda Hypermarket. The location of Lulu is more attractive.
Answer:
last
equal
Explanation:
A profit maximising producer would produce up to the point where the marginal product of the last unit of factor employed equals the factors price.
After, this point is reached, diminishing returns sets in
In a pure market economy, the "What to produce?" question is ultimately answered by : consumer sovereignty.
Explanation:
Market autonomy is a two-way economic concept. Market autonomy in production applies to what finished products should be produced from these materials to the control power of the customers over those with scarce resources.
For example, the highest levels of consumer autonomy occur of consumers on the free market. The customer can buy any product in any quantity he wants. But the state or central government decides what to manufacture in a command economy.
MICROeconomics refers to the effects and purchasing decisions of individuals.
This differs from MACROeconomics which focuses on large scale views of things that affect the economy as a whole like inflation and interest rates.
