Answer:
E. Total costs are equal for two alternative locations.
Answer:
1. Trade off
2. Opportunity cost
3. Cost-benefit analysis
4. Diminishing marginal utility
Explanation:
1. Giving up one benefit or advantage to gain another regarded as more favorable is called trade-off. Every economic decision involves some trade-off.
2. Opportunity cost is the second-best alternative or value of the alternative, that must be given up when making a choice. Because of scarce resources with alternative uses allocation of resources involves some opportunity cost.
3. Cost-benefit analysis can be defined as the process of examining the benefits and costs of each available alternative in arriving at a decision. Resources are allocated efficiently if the cost incurred and benefit earned is equal.
4. As we go on increasing the quantity consumed of a product, the marginal utility or satisfaction earned from its consumption goes on decreasing. This is called diminishing marginal utility.
Explanation:
A focus group can be defined as a qualitative marketing research method where some people with common characteristics are brought together in a group who are guided by a trainer to promote discussions on a particular topic of interest and gather information to assist in decision making.
To organize focus groups for an innovative German-style fast food restaurant, you could separate 3 groups, the first being ages 18 to 30, the second 30-45 and the third group 45 and above.
The screening criteria could be, sources of income, profession, sex, taste for food, hobbies, etc.
The questions to ask could be related to the number of times a week people eat fast food, what is your favorite German food, how much are you willing to pay for the options offered in the restaurant, what elements do you consider most attractive in a restaurant ,etc.
Answer:
Letter A
Explanation:
The main objective of the WTO is to promote the liberalization of world trade, reducing or extinguishing trade and customs barriers to facilitate economic exchanges at the international level. The agreements involve trade in goods, services, and intellectual property.
It is also important to know that currently, the World Trade Organization has 156 member countries.
