Answer:
Natural resource - Land
Human resource - Labour
Capital good - Machine
Explanation:
An example of a natural resource is land, an example of human resource is labour, while an example of capital good is machine.
As industries continue to grow, the population in will continue to grow as well, either through increased migration or higher birth rate resulting from better economic fortunes. This population increase in population will put pressure on available resources of land, labour and machine. This will in turn cause a reduction in the rate of industrial expansion and growth, thereby slowing down economic activities. To respond to this, industries will have to make backward movement into the outskirts, where there is abundance in supply of factors of production (land, labour and machine).
Answer: Use a dedicated ADF scanner connected to either a workstation or the LAN.
Explanation:
Answer:
a. $25
Explanation:
According to the given situation, the computation of deadweight loss of the tax is shown below:-
Deadweight Loss = 1 ÷ 2 × 1 × ($350 - $300) = 1 ÷ 2 × ($50)
Or, Deadweight Loss = 1 ÷ 2 × ($50)
Or, Deadweight Loss = $25
Therefore the correct option is a. $25
We simply considered the above values so that the deadweight loss of the ta could come
Answer:
The three scenarios describe a competitive market.
Explanation:
1) In the competitive market buyers and sellers are price takers, this means that there are many producers and consumers and none of them are able to intervene in price and market. Price is given, ie price is determined by interaction in the market. 2) The products are identical. That is, no company will make a profit due to differentiated products. In perfect competition, companies produce identical products, and the consumer is indifferent to the product characteristics of each company. 3) There is free entry and exit of companies and factors of production, ie there is no cost to enter and exit any sector. This means that factors can migrate from one sector to another without incurring costs, meaning there are no barriers to entry and exit from any sector.
Thus, from items 1 and 2, consumers and buyers are price takers, that is, they cannot influence the price determined by the market. Item 3 is about achieving zero profit or normal long-term profit. This is because the free entry and exit of companies avoids extraordinary profits by encouraging companies to migrate to sectors that earn higher profits in the short term. Thus, in perfect competition, compa
