At the most general level, the WTO <span>represents the most important and comprehensive trade agreement in history
The World Trade Organization structured a set of rules that needed to be followed for two or more countries to conduct an international trade, which expand the market potential for all countries in the world.</span>
Answer:
C. increase in the short-run but fall to zero in the long-run
Explanation:
A perfectly competitive industry is characterised by many buyers and sellers of homogenous goods and services.
There are no barriers to entry or exit of firms. Firms are price takers. Market prices are set by the forces of demand and supply.
As a result of increase in demand, more quantities of the vitamins would be bought and producers profit would increase in the short run. Because, there are no barriers to entry or exit of firms, new firms would enter into the industry in the long run, driving economic profits to zero.
Due to no barriers to entry or exit of firms, in the long run, firms in a perfect competition earn zero economic profit.
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Answer:
The correct answer is A
Explanation:
Central planning is the planning where the centralized, large and the powerful government evaluates or determines the goals, strategy and the resource distribution and the economy or the society development. It is opposite of the capitalism and the free market.
Under the central planning, the problem of coordination, is the incentive problem, within the communist central planning states the idea which the entrepreneurs, workers and the managers could not gain personally through responding the surpluses or shortages or through improved as well as new products.
Therefore, the quotation is identifies as the coordination problem.
Answer:
It then means that there was an increase in price of <em>$0.35 and an increase in the Consumer Price Index of 122</em> of Soda after 37 years for inflationary reasons.
Explanation:
The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them.
<em>Solution</em>
<em>CPI = New Price/ Old Price</em>
<em>Where:</em>
<em>Old Price = $0.15</em>
<em>New Price = $0.50</em>
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<em>∴ = 0.50/0.15 </em>
<em>CPI = 3.33</em>
<em>Then there was no significant rise on inflation since the CPI for 37 years was 3.33 </em>