The <u>law of increasing relative cost </u>states that the opportunity cost of producing a good always rises as one produces more of it.
According to the law of increasing costs, production eventually loses efficiency as it grows. The labor expenses for each additional item will increase, for instance, if increased production requires overtime work from your workforce.
Opportunity cost is the value of other commodities or services you must forgo in order to get your desired item. The term "cost" as used by economists often refers to opportunity cost. Cost is frequently mentioned in conversations or on the news.
According to the law of increasing opportunity cost, the cost of manufacturing the next unit rises as you keep up with the production of a given good.
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No, Gloria can not legally continue to work for Jan, because Jan has withdrawn her consent for Gloria to act on her behalf.
<h3>What is meant by consent?</h3>
Consent refers to the parties' mutual comprehension of the terms of the agreement. The contract requires the voluntary assent of both parties. If there are certain mistakes, or if one party attempts to deceive or pressure the other, consent will not be considered voluntary or genuine.
The importance of consent in business-
- Regardless of how you phrase it, consent helps us be more successful marketers.
- It makes us "ethical" marketers who recognize that acting morally will increase our chances of success in addition to ensuring that we abide by the law.
The three sorts of consent that an organization may get are as follows:
- Explicit Consent: An individual must be given a clear choice regarding whether to agree or object to the collection, use, or disclosure of their personal information in order to give their explicit consent.
- Implicit Consent: Implied consent is consent that isn't explicitly given by a person but is instead inferred from their behavior and the specific facts and circumstances surrounding the scenario (or, in certain cases, from their silence or inactivity).
- Opt-out Consent: Organizations do not need to get the user's consent before collecting and using their personal data if they have an opt-out consent.
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Answer:
The Price of Cocaine would rise drastically
Explanation:
If U.S Drugs Enforcement Agency impose higher restrictions in an effort to control illegal import of cocaine into the United States, this would directly impact the market for illegal drugs in the following ways:
- Since more restrictions get imposed, the procurement cost of cocaine alongside the risk associated with it in the form of higher penalties and prosecution, both will rise.
- The supply of cocaine would shrink in the market.
- The above two outcomes would result into the procurers and peddlers demanding much greater price for the same quantity of cocaine so as to compensate for the higher risk assumed and higher procurement costs associated.
Thus, price of cocaine will rise drastically as an outcome of such a move.
there are 5 ways to participate in your community
1 volunteer your time
2 donate your resources
3 shop locally
4 join a class or group
5 support your local sports teams
6 organise your own event
Hope it is helpful
