The missing words in the statement are Market Economy and Command Economy. In the statement, it described the Command Economy as one of the economic systems which the government is dominant in the decision. But it contradicts with the Market Economy, it allows the individuals or firms to make a decision in the economy.
Answer:
Option (c) is correct.
Explanation:
A good is rival in consumption when the consumption by one individual reduced the availability or satisfaction level to the next person and a good is not rival when the consumption of good by one individual doesn't reduce the utility obtained from the good for other individuals.
A good is excludable when a particular person is restricted from the consumption of good and a good is non excludable when one person cannot exclude others from consuming it.
There are certain examples of common resource such as:
(i) Clean water in river
(ii) Air
(iii) a fish in the ocean
All the above goods are rival in consumption and non-excludable.
Let's talk about clean water, if a person take some water from the ocean then the water available for the other persons is reduced and one person cannot exclude other person from consuming it.
Answer and Explanation:
The computation is shown below:
a. The rate of return in percentage is
= return ÷ investment
= $15 ÷ $150
= 10%
b. The economic profit is
= rate of return - normal profit rate
= 10% - 5%
= 5%
c. As the economic profit is more than 0 so it should be the entry
d. The rate of return in the long-run equilibrium to the 5% as the rate of return should be equivalent to the normal rate of profit
The bankruptcy public record is deleted from the credit report either seven years or 10 years from the filing date of the bankruptcy, depending on the chapter you filed. Chapter 13 bankruptcy is deleted seven years from the filing date because it requires at least a partial repayment of the debts you owe
<span>This is an aspect of procedural memory. This aspect of long-term memory is mostly used for storing task-completion information that will be used repeatedly. Motor skills are another way of describing this concept. Unconsciously, we are able to complete tasks that we learned long ago (walking, bike riding, writing) because of procedural memory.</span>
