Good customer research is a very important part of the business, because knowing what the customers want and why they want that will help in better sale.Some of the techniques of <span>identifying customers' needs and wants are:
- Interviewing customers
- Conducting voice and customer surveys
- Analyzing your competition
- Interviewing stakeholders and obtaining the data they have
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Answer:
The answer is: B) The reduction in economic surplus resulting from a market not being in competitive equilibrium.
Explanation:
Deadweight loss is an economic cost to society as a whole when market inefficiencies occur preventing it from reaching its equilibrium point. Market inefficiencies are caused by incorrect allocation of resources.
For example if a price ceiling is established, suppliers will tend to lower the quantity supplied while the quantity demanded either increases or stays the same. That economic deficiency resulting from an unsatisfied demand is what we call deadweight loss.
Other causes for deadweight loss are price floors (reduction of the quantity demanded) and taxation (shifts on the demand or supply curves).
Answer:
(c) 7.5 bars, 2/15 shirts
Explanation:
Opportunity cost is simply defined as the next best alternative.
Opportunity cost also refers to the loss of foregone gain which could have resulted had a non chosen option been selected over the chosen option. For instance, the opportunity cost of storing money at home is the average market rate of interest which would've been earned had the same money been invested.
In the given question, the opportunity cost of a t shirt would be :
= 
= 7.5 protein bars
Similarly, the opportunity cost for a protein bar would be:
= 
= 
Thus, the correct option is (c) 7.5 bars, 2/15 shirts
Answer:
There is no balanced budget provision in the U.S. Constitution, so the federal government is not required to have a balanced budget and Congress usually does not pass one. Several proposed amendments to the U.S. Constitution would require a balanced budget, but none have been enacted.
The question is reconstructed below:
Which of the following best describes a Nash equilibrium?
A. An outcome from which one or both competitors can improve their position by adopting an alternative strategy.
B. The unstable outcome of a repeated game.
C. An outcome that is stable only because of credible threats.
D. An outcome which both competitors see as optimal, given the strategy of their rival.
Answer:
D. An outcome which both competitors see as optimal, given the strategy of their rival.
Explanation:
Although Nash equilibrium is a game theory, it has been widely applied in economics. It states that a competitor can achieve his desired outcome by sticking to his original strategy. Both competitors' strategies are optimal when considering the decisions of each other.
