Answer:
Opportunity costs
Explanation:
An advantage, benefit, or benefit of something that must be offered up to obtain or accomplish something different. Since each resource can be put to elective uses, each activity, decision, or choice has a related open opportunity cost.
for instance, you invest energy and cash going out to see a film, you can't invest that time at home perusing a book, and you can't spend the cash on something different.
Answer:
Tax carried forward to consumer $2
Effective tax on the producers $ 1
TRUE
As the nominal tax is always subject to elasticity in demand and supply which generates an effective tax burden on each party.
Explanation:
<em><u>Before-tax:</u></em>
Quantity 25
Price $7
<em><u>After-tax:</u></em>
Quantity 18
Price $8
The producer receives $5 (thus there has been a tax of $3)
The tax-burden (who actually pay the tax)
is based on the elasticity of the demand and supply of the market.
When demand is more inelastic the tax burden goes into the consumer more than producers.
When supply is more inelastic the tax burden goes into the producer more than consumers.
Answer:
Skilled labour.
Explanation:
A skilled worker is one that posses training, special skill, knowledge and ability in a particular field. The skill learner could have been from school with the evidence of a bachelor's, masters, or doctorate degree. It could also be learner on the job.
Skilled labour usually require prolonged training, workers are specialised and highly trained to work on complex tasks.
Examples of skilled workers are policemen, engineers, doctors, pharmacists, soldiers, and accountants.
in you borrow money to pay for an item your interest
Question:
The market for hot dogs on the streets of New York City can be considered close to a perfectly competitive market. Because there are so many individuals buying and selling hot dogs:
A) there is a shortage of hot dogs
B) there is a surplus of hot dogs
C) market forces set the price in the market
D) firms are able to make large economic profits
E) firms cannot make positive accounting profits
Answer:
The correct answer is C.
Explanation:
Perfect competition is a market/ industry situation where there are numerous companies producing similar or perfect substitute products. Also, in the same market, none of the players is large enough to single-handedly influence the market especially with respect to price.
Cheers!