The theory of the Divine Right of Kings<span> aimed at instilling obedience by explaining why all social ranks were religiously and morally obliged to obey their government</span>
<u>Question 1</u>
The correct answer is: "FALSE".
The total revenue earned by a firm is computed using the formula:
R= price * quantity
According to the formula, if the term "price" increases, R would increase too. But an increase in price usually decreases the amount demanded by consumers of a certain product. Therefore, if quantity demanded drops in a higher proportion than the increase in price, the final total revenue would decrease. So the final effect depends on the size of the two variations.
<u>Question 2</u>
<u>The determinants of demand are the following:</u>
- Price: inversely related to the quantity demanded, as the larger the price the smaller the amount demanded of a product.
- Income of consumers: directly related. The larger the income earned by an economic agent, the larger the amount demanded of a normal good (there are exceptions, such as inferior goods, for which income and demand are inversely related).
- Prices of related goods of services. If two goods are substitutes, the increase on the price of one, decreases the amount demanded of that product but increases the amount demanded of the other product. It two goods are complements, the increase in the price of one good decreases the amount demanded of it, and the amount demanded of the other product too.
- Tastes or preferences of consumers. If a product is in line with the general preferences of consumers the amount demanded will be large.
- Market expectations. For example, if a price is expected to rise, consumers might prefer to buy now and therefore demand increases at the moment.
Answer: The main reasons that so many more people died in Haiti (100,000+) than in Chile (523) is that the buildings in Haiti were not built to withstand earthquakes and therefore collapsed whereas buildings in Chile are built to a strict earthquake resistance code.
Answer:
<u>"Oral" communication</u> takes place informally, during task activities, and throughout meetings.
Explanation:
Communication is important in every field of life, if you have good communication skills you will get success in your business. When you express your ideas and information by mouth or verbally to someone on telephone or face-by-face, that is oral communication.
