Answer:
A
Explanation:
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.
Consumer surplus = willingness to pay – price of the good
Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product
Producer surplus = price – least price the seller is willing to accept
Because price is below equilibrium price, consumer surplus would increase and producer surplus would reduce
Answer:
$1,411.25
Explanation:
The computation of the combined gross monthly income is shown below:
The earnings of Jose = $23.50 × 40 hours = $940
And, the earnings of Zola is
= $21.50 × 40 hours + 5 hours × $21.50
= $860 + $161.25
The total earnings is
= $940 + $860 + $161.25
= $1,961.25
And, the expenses are
= $500 + $50
= $550
So the combined gross monthly income is
= $1,961.25 - $550
= $1,411.25
Answer:
a. Find new methods to develop products.
Explanation:
International standards, such as the ISO organization, can be understood as organizational certifications that confer a set of norms and policies to standardize organizational processes and maintain them in a high standard of quality, efficiency and legality.
Therefore, it is correct to state that international standards are used in supply chains as a way for companies to find new methods to develop products, based on an international standardization of processes, which provides continuous improvement to organizational systems, reduces costs and waste, in addition to to be an instrument to prove that a company bases its production processes on high standards recognized worldwide, which increases its reliability, positioning and attraction of investments.
Answer:
Correct option is (b)
Explanation:
Price elasticity of demand is the law that states that proportion of percentage change in demand due to percentage change in price only and not any other factors. Demand is perfectly elastic if quantity demanded changes tremendously with change in price. Demand is inelastic if there is no change in quantity demanded with increase in price.
Here, Get smart university plans to increase tuition fees assuming that there will be no change in demand for the seats offered by the university due to increase in price. So, it assumes that demand is inelastic.
Answer:
A. The country has a high inflation rate and rapid economic growth.
Explanation:
A contractionary monetary policy aims at limiting the amount of money supply in the economy. Contractionary monetary policies discourage banks from lending out money to businesses and households. If firms and individuals have no easy access to credit, the level of investments and consumption declines, resulting in slower economic growth.
Contractionary monetary policies are also used to tame a high inflation rate. Inflation is the general increase in prices in the economy. It may arise due to a high economic growth rate. Because contractionary policies decrease the supply of money in the economy, less liquidity reduces the aggregate demand, thereby curbing increasing prices.
