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Alexxandr [17]
3 years ago
8

The long run aggregate supply curve is a vertical line. It is so because it has nothing to do with the price level. It is rather

determined by availability of economic resources and technology. How will the followings shift the long run aggregate supply (LRAS) curve? to the right, to the left? a. climate change permanently reduces the amount of land that can be farmed. b. immigration increases the available supply of labor. c. ageing population takes workers out of the labor force. d. a new law stripping away intellectual property rights reduces the incentive to innovate.
Business
1 answer:
mojhsa [17]3 years ago
5 0

Answer:

a. To the left

b. To the right

c. To the left

d. To the left

Explanation:

a. A reduction in total area to do farming means that the economy will be able to produce less. This will shift the aggregate supply curve to the left.

b. Immigration causes the supply of labor to increase. This means that more labor can be employed in the process of production.

c. A reduction in the labor force due to the aging population will cause the aggregate supply curve to move to the left. This is because, with the fewer labor force, the economy will be able to produce less.

d. A new law that reduces the incentive to innovate will cause the aggregate supply curve to shift to the left. A reduction in innovation means fewer technological advancement.

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storchak [24]

Answer:

producers are "price takers".

Explanation:

Commodity markets is an example of A perfectly competitive market. A perfectly competitive market is characterised by many buyers and sellers of homogenous goods and services.

Because products are homogenous, sellers cannot set the price for their goods. Prices are set by forces of demand and supply,therefore, suppliers are price takers.

There are no barriers to entry and exit of firms into the market.

I hope my answer helps you

5 0
3 years ago
If the market for a product is broadly​ defined, then A. the expenditure on the good is likely to make up a large share of​ one'
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Answer:

I think the answer is the good has many complements.

Explanation:

I have no real idea. I just have a feeling.

6 0
3 years ago
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If the selling price is $22 per unit, what is the contribution margin per unit sold? (round your answer to 2 decimal places.)
Rasek [7]
The computation follows:

1. Solve first for the variable cost per unit.
Direct materials $ 6.00 

<span>Direct labor $ 3.50 
</span>
<span>Variable manufacturing overhead $ 1.50 
</span>
<span>Sales commissions $ 1.00 
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<span>Variable administrative expense $ 0.50 
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<span>= $12.50 variable cost per unit 

2. Then deduct the selling price to the variable cost per unit, to get the contribution margin.

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7 0
3 years ago
Even if you are willing to take on more responsibility, you need to make sure that ______. a. you do not take on too much b. you
pentagon [3]
Tricky tricky. I'll go with 'A. you do not take too much' from experience.
4 0
3 years ago
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Malinda's auto dealership of imported cars made $895,000 in revenue. The manager has determined that the total expenses equal to
jarptica [38.1K]

Answer:

Profits: $297,000

Explanation:

Revenue is the money generated by a business by selling its products and services to customers. Expenses are the cost incurred in the production and selling of goods and services.

Profits arise when revenues exceed expenses.

For Malinda Auto dealership, the revenue ($895,000) exceed expenses($598,000). Therefore, the business will realize a profit.

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=$297,000

8 0
3 years ago
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