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Aleksandr-060686 [28]
3 years ago
14

Page(s) 13-14 1.2. What are five foundations of economics? Arshad is trying to choose his college major. His options are physics

, civil engineering, biology, and communications. He is leaning towards communications because he enjoys those classes, but is also concerned about his midcareer salary. Of his options, click on the major that represents Arshadâs opportunity cost of choosing to major in communications.
Business
1 answer:
Marizza181 [45]3 years ago
7 0

Answer:

Physics

Explanation:

Opportunity Cost

When an option is chosen from alternatives, the opportunity cost is the "cost" incurred by not enjoying the benefit associated with the best alternative choice.

Since Arshad is concerned about his mid-career salary, Physics has the highest mid-career salary among the options, therefore opportunity cost of choosing to major in communications would be Physics

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Causes of corruption?​
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Answer:

Personal greed, Decline of personal ethical sensitivity, the size and structure of governments, economic freedom/openness of economy, Cultural environments that condone corruption, Lack of transparency, Slow judicial processes, etc.

Explanation:

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For a perfectly competitive market to function properly, which of the following must buyers and sellers have access to? adequate
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3. For a perfectly competitive market to function properly, buyers and sellers must have access to adequate information. Adequate information is such information that the purchaser considers important for him. So the purchaser, company or investors should have an opportunity to get the information how it is.

4. Natural monopoly can be explained like the situation where one company can supply market's entire with some unique raw materials or technology. So there can't be more than one company which provides this material or technology. According to this, I think the answer is diamonds.

5. As far as I remember, oligopoly is a market that has a few firms dominating the market. That means there is a small competition as there are small number of buyers and sellers.

6. If my memory serves me well, economies of scale happen <span>when a firms' long run average costs decrease with output. So if there is no economies of scale, I'm pretty sure that costs go up.

7. I think that correct definition looks like this: Combination of two or more companies in a single firm is called a merger. Resources of both companies are pooled together, and the owners of each company remain owners. There are to types of merger entities:
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8. I am definitely sure that the answer is: </span>Offering products of different tastes and shapes is an example of non-price competition. That means that the competing companies wouldn't challenge by lowering the prices. Every competitor will focus on highlighting benefits of their product, to show that their product is better than another one.

9. The controller of a monopoly sets the price of goods by charging the price at which the profit is maximized. Monopoly is a firm which has no competition, so they doesn't have to worry about losing their customers. Company can set monopoly price which is pretty much higher than products marginal cost. That allows company to have maximum profit.

10. Many critics argue that government efforts to regulate industries have caused inefficiencies. Inefficiency means that the company can't achieve enough productivity. This caused because of high taxes, bureaucracy and other factors.

11. This agreement is called price-fixing. Companies which have come to this conspiracy can't sell goods below fixed price. There are many way to fix price by setting the price high or low. That leaves customer no choice and makes him to buy product at the fixed price.

12. D<span>eregulating industries is not a method that the government uses to intervene and prevent firms from controlling the price and supply of important goods. Deregulation of industry means that government power in a particular industry is reduced. Deregulation removes barriers to competition.

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14. I think it's obviously a start-up costs. Every business need money to set it up. But all of them are different and require different types of costs. So it would be appropriate to create a business plan that helps to consider different start-up costs for your business.

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16. I think that the </span><span>lack of technological know-how can't prevent the company being competitive as there's not the most important factor in a particular business.

17. As far as I remember, efficiency is one of the main characteristics of competitive market, which could be achieved with minimum government intervention.

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19. As I've mentioned it in question 6. total cost curve with economies of scale will decrease on the increasing output. But it refers to firms long run average total cost.

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