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3 years ago

Which statement best describes the economic relationship between

Business

1 answer:

xxMikexx [17]3 years ago

7 0

Answer:

B. Resource markets provide the materials businesses need.

Explanation:

A resource market is where businesses buy materials they require for the production of other goods. They are markets for inputs of production. Resource market contrast finished goods markets where customers buy consumer goods and services.

Resource markets are where businesses obtain the factor of production. Land, labor, and capital are purchased from the resource markets.

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One possible reason as to why consumers respond to sales is that by displaying a "high" regular price and a "low" sale price, sa

Olenka [21]

Answer:

True

Explanation:

Experiments regarding consumer behavior have shown that consumers usually expect a product to have a certain price that serves as a reference price that they use to determine if a retailer's price is high (more expensive than the reference price) or low (cheaper than the reference price).

It is normal (but unethical) that some retailers increase their prices a little before starting a sales campaign, since a higher reference price will make consumers believe that the offer is even better.

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3 years ago

FOB ______ is the term used when ownership of the goods transfers to a buyer when the goods arrive at the buyer's place of busin

Over [174]

FOB destination is the term used when ownership of the goods transfers to a buyer when the goods arrive at the buyer's place of business.

<h3>What is FOB destination?</h3>

FOB which full meaning is freight on board is a form of goods or product shipment in which the seller is fully incharge or in possession of the goods until the goods reach the buyer destination in which the ownership of the goods is then transfers to a buyer.

Once the ownership of the goods transfers to a buyer, this means that the buyer is the owner of the goods and is liable for any damage that occur to the goods.

Inconclusion FOB destination is the term used when ownership of the goods transfers to a buyer when the goods arrive at the buyer's place of business.

Learn more about FOB destination here:brainly.com/question/24976258

7 0

2 years ago

The price of baseballs, a complement to baseball bats, increases at the same time the price of aluminum, an input to baseball ba

Rufina [12.5K]

Answer:

The price of baseball bats (a complementary good) increased

If the price of a complementary good increases, this would result in a decrease in demand for baseballs.

Explanation:

5 0

2 years ago

Omega Custom Cabinets produces and sells custom bathroom vanities. Assume that labor is the only input that varies for the firm.

Papessa [141]

Answer:

The answer is option a). For the 11th worker, the marginal profit is $600.

Explanation:

Step 1: Determine the initial profit for the 10 workers as shown;

initial profit=revenue from sales-cost of labor

where;

revenue from sales=sale per unit×number of units

revenue from sales=800×20=$16,000

cost of labor=cost per unit×number of workers

cost of labor=1,000×10=$10,000

replacing;

initial profit=16,000-10,000=$6,000

Step 2: Determine the final profit for the 10 workers as shown;

final profit=revenue from sales-cost of labor

where;

revenue from sales=sale per unit×number of units

revenue from sales=800×22=$17,600

cost of labor=cost per unit×number of workers

cost of labor=1,000×11=$11,000

replacing;

final profit=17,600-11,000=$6,600

Step 3: Determine the marginal profit as shown;

marginal profit=final profit-initial profit

where;

final profit=$6,600

initial profit=$6,000

replacing;

marginal profit=6,600-6,000=$600

The marginal profit for the 11th worker=$600

5 0

3 years ago

Rayna provides a significant amount of information to others across a wide array of products, including durables and nondurables

Nonamiya [84]

Answer:

market maven

Explanation:

Market maven -

The term is associated with the person, who has the complete knowledge of the goods and services and the market , is referred to as a market maven.

A market maven has a lot of connection with various people and is very well - versed on the current state of the market , and has some discreet information which a normal person can never get access to .

The very so famous market maven are - George Soros , John Bogle and Warren Buffett.

Hence , from the given scenario of the question,

The correct answer is market maven .

7 0

3 years ago