Answer:
The answer is: C) The minimum price sellers are willing to accept to sell an extra unit of a good.
Explanation:
A normal supply curve should move upward from left to right. The expresses the Law of Supply: (given that all other factors remain without change) As the price of a product increases, the quantity supplied should also increase.
For example:
An ounce of gold costs right now $1,500 and 100 ounces of gold are being traded right now at that price. If a new buyer comes in and wants to buy the 101th ounce of gold, then following a normal supply curve, the new buyer would need to pay more for that extra ounce of gold, maybe $1,510.
What the supply curve shows us is that given a certain price Y, a company will be willing to sell X amount of goods. The more demand a product has (X + 1) > X, then the price Y will increase until a new balance is found.
Answer: B. there is a conference for school principals coming to town. I hope this helps everyone :)
I took a test so i know this answer is correct! :)
Answer: $24
Explanation:
Given that,
Two workers serve = 16 customers per hour
Three workers serve = 22 customers per hour
Each customer spends an average of $4 in the store.
Total revenue from Two workers = 16 × $4
= $64
Total revenue from Three workers = 22 × $4
= $88
Therefore, the marginal benefit of hiring the third worker would be:
= Total revenue from Three workers - Total revenue from Two workers
= $88 - $64
= $24
The information given regarding the marginal revenue is illustrated below.
<h3>How to illustrate the information?</h3>
Marginal revenue is the increase in revenue that results from the sale of one additional unit of output.
While marginal revenue can remain constant over a certain level of output, it follows from the law of diminishing returns and will slow down when the output level increases.
Here, the price effect dominates the quantity effect so he cannot increase the production from 7 units to 8 units.
Learn more about marginal revenue on:
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Answer:
B. increases, and the labor-force participation rate is unaffected
Explanation:
Rick loses his job and immediately begins looking for another. Definitely, the unemployment rate has increase. He has been sent back to the labor market. Rick is definitely unemployed because he lost his job and this means an increase in the employment rate. Note that unemployment rate is the percentage of the labor force that is unemployed and are actively looking for a job.
The labor force participation rate is the percentage number of people who are of working age both the employed and the once actively looking for a job. The labor force participation rate is definitely unaffected as Rick lost his job.
