Answer:
C) perfect competition
This can be considered a situation where perfect competition exists since there are many firms operating in the market (no company can set the price of the product), which sell identical products (or very similar products) and the entry barriers are not significant nor hard to overcome (only some basic food safety regulations).
Answer:
(2) salaries for officials
Explanation:
Salaries for officials would be the most appropriate area to cut, because the other three items are either more important, or would cause unintented effects if cut.
Some government agencies could even be closed, or its personnel reduced, in case the economic crisis is serious.
As for the other three items, cutting education would not make sense because the IMF itself recommends large spending in education since an educated populace is highly correlated with economic development.
Cutting food subsidies would be problematic in a country that is going through an economic crisis, and could result in hunger among the poor.
Finally, cutting tax rebates for exporters would probably cause export earnings to dwindle even more because exporters would have less incentive to engage in that activity, and many of them would likely change their occupation.
Usually they start out small as family-owned restaurants and gradually increase until chains are created
COMPLETE QUESTION:
Demand Supply
P = 50 - QD P = 10 + 1/3 QS
QD = 50 - P QS = 3P - 30
Refer to Table 4-6.ȱȱ
The equations above describe the demand and supply for Aunt Maudȇs
Premium Hand Lotion.ȱȱ
The equilibrium price and quantity for Aunt Maudȇs lotion are $20 and
30 thousand units.ȱȱ
What is the value of consumer surplus?
Answer: $450,000
Explanation:
P = 50 - QD P = 10 + 1/3 QS
QD = 50 - P QS = 3P - 30
Using the above equation,
Consumer surplus = $450,000
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