Answer:
It breaks down on two parts to be fully explained.
Explanation:
Part 1
The correct answer is:
The D option (All of the above are correct) which applies perfectly in the firms of competitive markets.
Part 2
Referred to Table 2.
For this firm, the average revenue from selling 3 units is A) $12. B) $4. C) $3. D) $1.
Table 2
The reference to table 2 represents a demand curve faced by a firm in a competitive market.
Price Quantity
$4 0
$4 1
$4 2
$4 3
$4 4
$4 5
The correct answer is:
The B option ($ 4) which it would represent the overall average revenue from selling 3 units.
Answer:
B. $2,300.
Explanation:
The computation of the ending inventory using FIFO method is given below:
Since there are 5 diamonds and one is sold
So, the ending inventory units should be
= 5 - 1
= 4
Now the ending inventory be
= 2 × $600 + 2 × $550
= $1,200 + $1,100
= $2,300
Hence, the option b is correct
Answer:
Living will.
Explanation:
Living will can be described as a legal document in which an individual clearly states the type of treatment he or she will prefer in a situation whereby they are unable to communicate their wishes.
A living will enables an individual to make the right decision on the form of life support treatment that he or she would prefer to help aviod any form of confusion.
Answer:
The correct answer is d) neither the long-run Phillips curve nor the Classical dichotomy.
Explanation:
The answer that best suits the situation described is the Phillips curve in the short term but not in the long term.
The Phillips curve starts from the principle that the amount of money circulating (commonly called "money supply") has real effects on the economy in the short term. In this way, an increase in the money supply would have a beneficial effect on aggregate demand, as citizens will spend more when their nominal wages are increased (known as “monetary illusion”) and a more favorable framework for investment and investment will be created. that the prospects of rising prices will improve the expectations of corporate profits. The improvement in aggregate demand would result in greater economic growth, and this in turn in the creation of new jobs. This is how an inverse relationship between inflation and unemployment is established, expressed graphically by a downward curve.
Explanation:
Let us understand the term what is elastic & "inelastic".
Elastic: It is the change in the behavior of the buyer & the seller when the product price changes.
Elastic goods will always have an substitute.
Example: Books, pencil, Notebook, bread, etc,
Inelastic means: This is opposite of elastic. There will be same number of buyers when the price goes up or down.
Whether the price gets raise or lower daily we need food. So food is inelastic.
Eg. food, prescription drugs, and tobacco products
