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3 years ago

The potential benefits lost by taking a specific action when two or more alternative choices are available is known as a(n):

Business

1 answer:

schepotkina [342]3 years ago

4 0

Answer:

Opportunity costs

Explanation:

The potential benefits lost by taking a specific action when two or more alternative choices are available is known as opportunity costs.

Opportunity cost has to do with losing other alternatives by chosing to go with one alternative. Hence it is also called foregone alternative. It has to do with making a decision or choice to give up something in order to get something else which may be of more value.

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Suppose that, with free trade, the world price of the product is $15. what is the value of consumer surplus?

shtirl [24]

Suppose that, with free trade, the world price of the product is $15. The value of consumer surplus will be $697.50

<h3>What is Free Trade?</h3>

Governments impose no tariffs, taxes, or duties on imports or export quotas under free trade. In this sense, free trade is the polar opposite of protectionism, a defensive trade policy aimed at preventing foreign competition.

In practice, governments with generally free-trade policies still impose some controls on imports and exports.

Most industrialized nations, including the United States, negotiate "free trade agreements," or FTAs, with other countries that determine the tariffs, duties, and subsidies that countries can impose on their imports and exports.

Local trade gets the right to see the cutting-edge technologies developed by multinational partners, as well as human expertise.

The aim of business is to maximize profits, whereas the goal of government is to protect its citizens.

Neither unrestricted free trade nor total protectionism can achieve both goals. The best solution has evolved from a combination of the two, as implemented by multinational free trade agreements.

To learn more about Free Trade, visit:

brainly.com/question/10473895

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7 0

2 years ago

If the cross-price elasticity of two goods is negative, then the two goods are a. inferior goods. b. normal goods. c. complement

Solnce55 [7]

Option C. If the cross-price elasticity of two goods is negative, then the two goods are complements.

What is Cross-Price Elasticity?

Cross-price elasticity measures how sensitive the demand of a product is over a shift of a corresponding product price.
Often, in the market, some goods can relate to one another.
This may mean a product’s price increase or decrease can positively or negatively affect the other product’s demand.
A price increase of a complementary product will lead to lower demand or negative cross-price elasticity, and a price increase in a substitute product will lead to increased demand or a positive cross-price elasticity.
Unrelated products have zero cross-price elasticity.
For substitute products, an increase in the price of a substitute product increases the demand for the competing product.
This is often because consumers always try to maximize utility.
The less they spend on something, the higher the perceived satisfaction.

To know more about cross- price elasticity , refer:

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4 0

2 years ago

Consider the following situations for Shocker:

Delicious77 [7]

Answer:

Cash $4,500 (debit)

Deferred Revenue $4,500 (credit)

Prepaid Advertising $2,700 (debit)

Cash $2,700 (credit)

Salaries Expense $8,000 (debit)

Salaries Accrued $8,000 (credit)

Cash $70,000 (debit)

Note Payable $70,000 (credit)

Interest Expense $2,100 (debit)

Note Payable $2,100 (credit)

Explanation:

Recognize Cash and Deferred Revenue

Recognize Asset - Prepaid Advertising and De-recognize Cash

Recognize Salaries Expense and Recognize Salaries Accrued Liability

Recognize Cash Asset and Recognize Liability - Note Payable

Recognize Interest income accrued on the Note Payable during September to December.

5 0

4 years ago

Question 3

stiv31 [10]

The next step which Heather should take after she has gotten a fraudulent call asking for her credit card details is to hang up and call her credit card company using the 1-800 number on the back of her card to inquire about the issue or report the attempted phone fraud.

As a result of this, we can see that Heather was a target of an attempted phone fraud where a caller asks her to give her 16-digit credit card details so that the supposed error could be cleared up.

It is worth noting that this information can be used to steal money from her checking account and Heather would best not give out such sensitive details over the phone, but call the company to see if the call is really from them.

Therefore, the correct answer is option C