Answer:
The correct answer is option
Explanation:
A firm operating in a perfectly competitive market is producing 800 units. The marginal cost is $3.50. The minimum average variable cost is $3. The market price is $4.
The firm will be able to maximize its profit at the point where the price of the product is equal to marginal cost and is able to cover the average variable cost of the product.
This firm should thus increase its production to more than 800 units till the marginal cost is equal to the price which is $4.
The substitution effect is defined as the outcome of consuming various goods and services on those who do not use them.
<h3>What do you understand about the Substitution effect?</h3>
The substitution effect is the decline in product sales that results from customers switching to less expensive substitutes when the product price increases. Alternately, the term "substitution effect" describes the shift in demand for a commodity brought on by a change in the price of the well relative to other substitutes. For instance, when beef costs increase people tend to buy more chicken or turkey. Customers purchase store-brand coffee in response to an increase in the price of premium coffee at a coffee shop. Consumers choose generic substitutes as designer prescription drug prices rise.
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Answer:
Make sure employees understand that anyone who attempts unionization will be discharged
Explanation:
Companies are not allowed to threaten employees who are interested in forming a union with discharge.
Consumers usually buy a shopping product only after comparing several brands or stores on style, practicality, price, and lifestyle compatibility
<h3>Who are consumers?</h3>
Consumer are individual or group of people who are willing to pay for a particular products or services they need.
Consumer often go around to compare prices and custom relations after which they decide who to buy from.
Therefore, Consumers usually buy a shopping product only after comparing several brands or stores on style, practicality, price, and lifestyle compatibility
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