<u>Question 1</u>
The correct answer is: "FALSE".
The total revenue earned by a firm is computed using the formula:
R= price * quantity
According to the formula, if the term "price" increases, R would increase too. But an increase in price usually decreases the amount demanded by consumers of a certain product. Therefore, if quantity demanded drops in a higher proportion than the increase in price, the final total revenue would decrease. So the final effect depends on the size of the two variations.
<u>Question 2</u>
<u>The determinants of demand are the following:</u>
- Price: inversely related to the quantity demanded, as the larger the price the smaller the amount demanded of a product.
- Income of consumers: directly related. The larger the income earned by an economic agent, the larger the amount demanded of a normal good (there are exceptions, such as inferior goods, for which income and demand are inversely related).
- Prices of related goods of services. If two goods are substitutes, the increase on the price of one, decreases the amount demanded of that product but increases the amount demanded of the other product. It two goods are complements, the increase in the price of one good decreases the amount demanded of it, and the amount demanded of the other product too.
- Tastes or preferences of consumers. If a product is in line with the general preferences of consumers the amount demanded will be large.
- Market expectations. For example, if a price is expected to rise, consumers might prefer to buy now and therefore demand increases at the moment.
Marbury v. Madison strengthened the federal judiciary by establishing for it the power of judicial review, by which the federal courts could declare legislation, as well as executive and administrative actions, inconsistent with the U.S. Constitution (“unconstitutional”) and therefore null and void.
Answer:
fruits and vegetables-rythu bazaar, come from the food grains,oils....
Answer:Kennedy-Kassebaum Act
Explanation:
The health Insurance Probability and Accountability act of 1996, also known as the Kennedy-Kassebaum Act, Protects the confidentiality and security of health-care data by establishing and enforcing standards and by standardizing electronic data interchange.
It was created to improve the healthcare data and specify how personal data can be protected from theft and fraud and address the existing limitation of Health care insurance coverage.
