Answer: To meet all consumer needs
Explanation: In a socialist economy good and services are produces for direct use. Unlike a capitalist economy where goods and services are produced to earn profits. The purpose of producing goods in a socialist economy is to utilise the economy's scarce resources in a way that maximum consumer needs can be satisfied.
Thus, option D- to meet all consumer needs is the correct choice.
Answer:
c. total revenue does not change.
Explanation:
A price elasticity of demand can be defined as a measure of the responsiveness of the quantity of a product demanded with respect to a change in price of the product, all things being equal.
Mathematically, the price elasticity of demand is given by the formula;
The demand for goods is said to be elastic, when the quantity of goods demanded by consumers with respect to change in price is very large. Thus, the more easily a consumer can switch to a substitute product in relation to change in price, the greater the elasticity of demand.
Generally, consumers would like to be buy a product as its price falls or become inexpensive.
For substitute products (goods), the price elasticity of demand is always positive because the demand of a product increases when the price of its close substitute (alternative) increases.
If the price elasticity of demand for a product equals 1, as its price rises the total revenue does not change because the demand is unit elastic.
Answer:
B. trade receivables
Explanation:
Trade receivables are amounts billed by a company to its clients when it delivers goods or services to them in the ordinary course of business, not been collected at the sale moment, but in the future. This may or may not include interest.
Instead, non-trade receivables are amounts owed to the company that falls outside of the normal course of business, such as employee advances or insurance reimbursements.
Answer:
The correct answer is option d.
Explanation:
An increase in the market demand will cause the market demand curve to move to the right. This rightward shift in the demand curve will lead to an increase in the market price.
This increase in market price will cause the individual demand curves to move upwards. As the price increases, the profits earned by the firms will increase as well.
Profit to a firm is the difference between its total revenue and total cost, as the price increases, revenue will increase and cost will remain the same. This will cause profits to increase.
There are discrepancies between the pay rates of a company and the pay structure in the market when a company sets its pay rates strictly based on a <u>pay policy</u><u> line</u>.
<h3>What is a pay rate?</h3>
A pay rate can be defined as a measure of the amount of money that is being paid by a company to its employees (workers) per period of work or unit of production, which is usually on a hourly, weekly, or monthly basis.
In business management, discrepancies would generally exist between the pay rates of a company and the pay structure in the market when a company sets its pay rates strictly based on a <u>pay policy</u><u> line</u>.
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