Answer: The correct answer is "(C) The Industrial Revolution".
Explanation: The Industrial Revolution is the process of economic, social and technological transformation,
During this period the greatest set of economic, technological and social transformations in the history of mankind since the Neolithic period was experienced, which saw the transition from a rural economy based mainly on agriculture and commerce to an urban, industrialized and economic economy mechanized.
Switching costs, number of buyers, and if the items represent a relatively small portion of the cost of finished products are key considerations regarding the bargaining power of buyers.
Switching costs are the costs which are paid by a consumer as a result of switching brands, suppliers, or products. Some companies may employ high switching costs in order to prevent customers from moving to another brand.
Suppose if the customer purchases large volumes of standardized products from the seller, then the buyer's bargaining power is quite high. Also, when substitute of a product is available in the market, the buyer power increases.
Hence, most prevailing switching costs are monetary in nature.
To learn more about switching costs here:
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Answer:
Dr Inventory Purchases $250
Cr Trade Payables $250
Explanation:
At the time of the purchase, Inventory purchases which is an asset in nature has been increased and hence must be debited by $250 and similarly the Payable has been increased which is liability in nature and hence must be credited with $250. The entry would be as under:
Dr Inventory Purchases $250
Cr Trade Payables $250
Answer: You decide to go to college probably because<em><u>"You value a year of college at more than $56,000"</u></em>
<em><u>Opportunity costs are the benefits an respective individual, leaves while determining to pick one alternative over another. </u></em>
So, you will attend college if you perceive value of attending college more than ($22,000 + $34,000)= $56,000
Answer:
Correct option D
Explanation:
An index number is the measure of change in a variable (or group of variables) over time. It is typically used in economics to measure trends in a wide variety of areas including: stock market prices, cost of living, industrial or agricultural production, and imports. Index numbers are one of the most used statistical tools in economics.
Index numbers are not directly measurable, but represent general, relative changes. They are typically expressed as percents.
Index numbers are not measured in dollars or any other units and changes in their values are more important than the values themselves.
