Answer: True
Explanation:
In business, terms of agreement which is concluded earlier stands a better chance to stand over decisions taken at the later moment.
The means of communication here affected how the communication went. They both used mail postage but that which were initially agreed would stand over that which is being cancelled later.
Answer:
C) An increase in the price of tennis racquets
Explanation:
If tennis racquets become more expensive, the demand for them will decline, and people will try to supply this need with substitutes, for example, lacrosse raquets. The reason for this is that the classical supply and demand model tells us that demand and price are inversely correlated: if the price goes up, demand goes down, and viceversa.
Answer: The correct answer is "B. increase productivity but increase unemployment.".
Explanation: Efficiency salaries is a theory that says that some companies voluntarily offer salaries above the equilibrium level and this results in an increase in the productivity of their workers. As a negative issue, they can cause higher unemployment rates, since with salaries above the equilibrium salary, there is a consumer surplus. In addition, it would reduce the demand for more workers, as they have become more expensive.
Answer:
The consumer surplus in the market for gasoline is $250 million
Explanation:
Consuemr Surplus
It is the difference between the consumer is willing to pay for the commodity and the actual market price.
The consumer surplus can be calculated as follow
Consumer Surplus = 0.50 x ( Maximum Price - Market Price ) x Quantity
Where
Maximum Price = $6.00
Market Price = $3.50
Quantity = 200 million gallons
Placing values in the formula
Consumer Surplus = 0.50 x ( $6.00 - $3.50 ) x 200
Consumer Surplus = $250 million
Note: The graph in the question was missing, it is attached for your reference.
The two important conditions are: <span>allocative efficiency and productive efficiency.
Allocative efficiency refers to a condition when the amount of production is awlays match the appropriate marginal benefit that the consumers get.
Meanwhile, the productive efficiency refers to a condition when the market could no longer produce additional goods without sacrificing another good</span>
