Answer and Explanation:
The complementary goods are those goods which are used together while on the other hand the substitute goods are those goods that are used in place of one another
Based on this, the classification is as follows
1. Complementary goods
2. Substitute goods
3. Substitute goods
The above represents the classifications
Answer:
If all the resources of an economy are fully used, more of one item could be produced only if less of another item is produced
Explanation:
The concept of production possibility curve shows the different commodities that can be produced in a given economy, given the prevailing level of technology, if all available resources are efficiently utilized. The idea behind production possibility curve is that in other for in order to produce a particular commodity, the production of another commodity has to be scarified provided that i.e if all the resources of an economy are fully used, more of one item could be produced only if less of another item is produced
Answer: 5
Explanation:
From the question, we are informed that the marginal cost is constant and equal to 50 and marginal revenue equals 100 - 10Q.
For a profit-maximizing monopolist, we should note that the marginal revenue will be equated to the marginal cost. Therefore:
100 - 10Q = 50
100 - 50 = 10Q
50 = 10Q
Q = 50/10
Q = 5
Therefore, a profit-maximizing monopolist will set quantity equal to 5.
Answer:
Which business would you rather work for and why?
Soleproprietorship
Explanation:
Soleproprietorship entails when one solely owns a business makes decision for the company.
