In 1980 Denmark had a GDP of $70 billion (measured in U.S. dollars) and a population of 5.1 million. In 2000, Denmark had a GDP
of $160 billion (measured in U.S. dollars) s and a population of 5.3 million. By what percentage did Denmark’s GDP per capita rise between 1980 and 2000?
The correct answer is letter "A": be driven to a lower price.
Explanation:
Typically, when there is a producer to producer competition, the competing companies tend to <em>lower </em>their product prices. This happens because of the belief consumers are mainly price driven at the moment of discriminating in choosing to buy one good over another. Though, it allows consumers to at least have a couple of sources from where to choose at a fair price.
Costly to imitate criteria for sustainable competitive advantage
<h3><u>Explanation:</u></h3>
Sustainable competitive advantages are business assets, properties, or skills that are hard to replicate or exceed; and render a higher or complimentary long term situation over competitors. A company must produce distinct goals, plans, and methods to create a sustainable competitive advantage.
It needs huge expenditure in time and money to create a brand. It demands very limitedly to destroy it. A good brand is precious because it prompts customers to favor the brand over competitors. A unique product or service increases customer support and is less suitable for a competitor to imitate.
d. prevents the economy from producing its potential level of real GDP.
Explanation:
Price-stickiness or Wage-stickiness, is a term that describes a condition in which a nominal price or wage is resistant to change. Often referred to as Nominal Rigidity, this occurs when a price or wage is fixed in nominal terms for a given period of time.
In other words, Price stickiness or Wage Stickiness occurs when workers' earnings or price don't adjust quickly to changes in labor market conditions, thereby creating sustained periods of shortage or surplus.
Hence, Price and Wage stickiness prevent the economy from achieving its natural level of employment and its potential output, which in turn prevents the economy from producing its potential level of real GDP.
A marginally attached worker is a jobless individual who is not included in the labor force. They are excluded in the labor force because they have not searched for employment in the last four weeks. Marginally attached workers will comprise of discouraged job seekers willing to take up a job if offered one. A marginally attached worker has have searched for work in the past 12 months.
For Foxcatle, the marginally attached will be the discouraged workers. They are not in the labor force; hence they are not considered as employed or unemployed.
