It should be noted that when demand for a product is unit elastic and one would expect sales to equal: 5 units.
<h3>What is elastic demand?</h3>
An elastic demand can be regarded as the demand whereby change in quantity demanded due to a change in price is large.
An inelastic demand entails change in quantity demanded due to a change in price is small.
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Answer:
Both a and b.
Explanation:
In accounting an unearned fee is money a business receives from a consumer for any type of services that has still to finish in the future. Suppose that our small business collects unearned fees, like an annual membership fee, we must record the annual membership fee initially as a current liability on the balance sheet but when we complete this service, the fee becomes revenue which has been earned and lastly we record this fee on the income statement.
Answer: C. 1200 hour
Explanation:
It is indeed 1200 hours because the units produced increased by 20% and therefore, theoretically, so should the time.
Answer:
The millions of workers leaving the job market for the reasons given are:
- B) not counted as unemployed in the BLS data because they are no longer actively looking for work.
Even if they don't find a job right away, people entering the job market after graduating from high school or college will
- A) be counted as part of the labor force by the BLS if they are actively looking for work.
Explanation:
The unemployment rate includes everyone that doesn't have a job but has actively looked for one during the last 4 weeks (generally a month because the unemployment rate is given on a monthly basis), and are currently available and willing to work.
Answer:
A perfectly competitive firm can achieve both allocative and productive efficiency in the long run equilibrium.
Explanation:
Productive efficiency implies that there is no waste when a good is being produced, and the firm stays exactly on the production possibility frontier. In a perfectly competitive market, there are free entry and exit, and the market price in the long run will be equal to the minimum of the long-run average cost curve. The indication is that the lowest possible average cost is the point at which both the production and sales of goods are carried out.
Allocative efficiency is obtained when the socially preferred point is the point selected from different available points on the production possibility frontier. As a result of this, price and the marginal cost of production will be equal in a perfectly competitive market in the long run. Perfectly competitive firms can ensure that social costs of producing a good and its social benefits are equal when a decision is made by them to achieve profit maximization by producing at the quantity where price is equal to marginal cost (P = MC).
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