A competitive market has many producers competing with one another to satisfy the wants and needs of many consumers. In a free competitive market, the prices of goods and services are set by the consumers and supply and demand aren't regulated by the government. Knowing this, in a free competitive market the rationing mechanism is based on price.
Answer:
Kyle will have in five years from now 2,501.26 dollars for his investment on certificate of deposit.
Explanation:
We need to calcualte the future value of a lump sum:
Principal $ 2,200
time 5 years
rate 2.6% = 2.6/100 = 0.02600
Amount 2,501.26
Answer:
the law of demand
Explanation:
as the law of demand states that the higher the price the lower the quantity that will be demanded, and the lower the price the higher the quantity that will be demanded
<span>Consumers are willing to purchase a product up to the point where the marginal benefit of consuming a product is equal to its price.
</span>The term marginal benefit denotes the<span> benefit to a consumer receives from consuming one more unit of a good or service.
</span><span>On the other hand, marginal cost is the additional cost to a firm of producing one more unit of a good or service.</span>
