<span>This is an example of industry competition. Industry competition is a rivalry between companies in the same market who offer similar products or services. These industries compete for potential customer's money and use a variety of means to make sure they are the one a consumer chooses to do business with. They can use advertising to try and attract consumers or offer lower prices, but the most important thing is to provide a good product or service.</span>
Answer: B) If the equilibrium quantity of cheeseburgers increases, then the demand shift in the market for cheeseburgers must have been larger than the supply shift.
Explanation:
1. An increase in the price of cheeseburgers is due to the fact that several burger joints in the area have recently gone out of business. This will shift the supply curve for cheeseburgers to the left, driving up the price of cheeseburgers and reducing the quantity.
2. An increase in the price of Calzones at local pizza parlors lead to an increase in the demand for Cheese burgers as cheese burgers and calzones are substitutes to each other. So, when price of calzones rise, consumers shift demand to cheeseburgers. This will lead to a rightward shift in the demand for cheese burgers as a result the price and quantity of cheese burgers increase.
3. A decrease in supply due to burger joints going out of business shift the supply curve to the left. Increase in the price of calzones increase demand for burgers shifts the demand curve to the right. Both these will increase the price of cheeseburgers but the effect on quantity cannot be determine as depends on the magnitude of the shift in the two curves.
If demand shifts more than supply, equilibrium quantity increases. If supply shifts more than demand, equilibrium quantity decreases.
Thus, B is correct.
Answer: Selling large dollar-value items
Lending money to individuals or businesses
Extending payment periods
Explanation:
The weekly demand for an item in a retail store follows a uniform distribution over the range of 50 to 100. The answer for the same, the weekly demand is seventy (70).
Computer generated value: (0≤x≤1)
the part occupied by the weekly value: 0.4,
so, it is out of 50 values,
then
0.4 = 40% of (100 -50) = 20
(from the beginning which is 50, thus, 50 + 20 = 70)
Now we've got:
Computer generated value (CGV) = 0.4
Lower limit (LL) = 50,
Difference between upper and lower limit (UL-LL)= 100 - 50 = 50,
Thus,
the weekly demand is obtained as 70
Uniform Distribution
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Answer:
Option B, Reduce average costs, is the right answer.
Explanation:
Option B is correct because if there is an increasing return to scale that means the firm is using additional inputs and the use of these inputs increases the output in greater proportionate than the proportionate increase in inputs. Moreover, the output of the company will increase. Consequently, the total cost will also increase but the average cost of production will fall.
