Answer: b. people face trade-offs.
Explanation:
Due to scarcity in the resources that we possess, i.e our resources are not infinite, we are forced to make decisions sometimes that will see us giving up something we want for another thing that we want.
This is called trade-offs and people face them all the time. This man want to wants to buy either a camera or an editor but due to the price can only buy one. He would therefore have to give up one for the other which makes this a trade-off.
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Answer: Human resources.
Explanation:
Competitive advantage of a business is the key qualities a business possesses, that makes the business products more desirable to the consumers than that of it's competitors in the market.
The Competitive advantage, The Place has over it's competitors is it's talented human resources.
Answer:
$20,670
Explanation:
Firm A Firm B
Actual Dumping 157 183
Pollution Permits Allotted <u> 11 </u> <u> 11 </u>
Reduction Required 146 172
Cost of Dumping 1 ton $160 $65
As the cost of dumping to Firm A is $160 which is higher than the marginal cost of dumping of Firm B which is $65, so it is better that Firm B take benefit from it by selling it at $65. So now total tons require dumping is 318 tons (146 + 172).
Total cost of reducing pollution = 318 tons * $65 = $20,670
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