Answer:
b. Would like to compete
d. specilize in production
Explanation:
Competition is when businesses selling similar products, in the same market, try to outsell each other through winning more customers. When businesses compete, consumers benefit through fair prices and higher quality goods. Competing businesses innovate and create products with a high utility value to attract more customers. As a result, they offer customers products and services of high quality.
A business that engages in a specialization produces fewer varieties of products. It focuses on manufacturing goods and services that it has a comparative advantage. Due to specialization, the firm and its employees become experts in producing its products of choice. Consequently, it offers goods and services that are of a higher quality than a business that does not specialize.
If all firms only earn a normal profit in the long run, firms will develop new products or lower-cost production methods because they can innovate and possibly earn an economic profit in the short run.
Explanation:
Competition involves constant efforts by companies and executives to do more than the loss (normal gains) of new goods or by improving ways to manufacture current products at lower prices. Therefore, if businesses can invent, they will achieve short-term economic advantage.
Economic benefit encourages entry, economic losses lead to exit and firms in a highly profitable market earn little economic income in a long-term equilibrium. In an industry where inflation does not change the costs of materials (a market with a constant cost), the long-term supply curve is a horizontal line.
Obtain a customer signed statement acknowledging that an annuity transaction is not recommended if a customer decides to enter into an annuity transaction that is not based on the insurance producer's or insurer's recommendation.
<h3>Who is responsible for verifying your suitability?</h3>
The insurer or third party delegate authorized pursuant to section 224.
6(c) of Regulation 187 conducts a suitability review prior to the issuance of an insurance product or the effectuation of a sales transaction; and.
The insurer has procedures designed to prevent financial exploitation and abuse.
<h3>What factors are important considerations when determining suitability of an annuity sale?</h3>
Suitability Information Gathered by an Insurer
- Age.
- Annual income.
- Financial situation and needs, including the financial resources you're using to fund the annuity.
- Financial experience.
- Financial goals and objectives.
- Intended use of the annuity.
- Financial time horizon.
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Answer: A higher interest rate.
Explanation: Most savings accounts do not have a high interest rate at the moment.
Answer:
Cannot, Less
Explanation:
Production efficiency or productive efficiency is the efficient utilization of resources with view to achieving the lowest cost of production. Production efficiency is achieved when an economy is operating on her production possibility curve.
When an economy attained the level of Productive efficiency, it means it can no longer increase production of any commodity without a trade-off for other similar commodity.
