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slega [8]
3 years ago
10

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'

s budget. B. there are many substitutes for the product and the demand for the product is relatively elastic. C. the good has many complements. D. there are few substitutes for the product and the demand for the product is relatively inelastic.
Business
2 answers:
kotegsom [21]3 years ago
7 0

Answer:

The correct answer is letter "D": there are few substitutes for the product and the demand for the product is relatively inelastic.

Explanation:

Broad markets are those offering products that are <em>not easy to substitute</em>. <em>Electricity </em>is an example of a service that is not easy to substitute. Most narrow markets are monopolies, thus, they are characterized by having an <em>inelastic demand</em> meaning their quantity demanded does not change in front of changes in prices.

Furkat [3]3 years ago
6 0

Answer:

I think the answer is the good has many complements.

Explanation:

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

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If Tex's Manufacturing Company purchases the component externally, $20,000 of the fixed costs can be avoided. At what external p
Delvig [45]

Answer:

$210,000

Explanation:

The computation of the external price is shown below

Making cost =  buying  cost

$120,000 + $25,000 + $45,000 + $30,000) = external price + Unavoidable fixed cost (30,000-20,000)

$220,000 = External price + $10,000

So,

External price = 210,000

Hence, the same is to be considered

Therefore the external price is $210,000

5 0
3 years ago
In the budget constraint framework, when the price of a good rises and demand for the other good decreases, what can you say abo
nignag [31]

Answer:

The increase in demand of the product with the higher price or decrease in demand for the other goods is because the substitution effect is outweighed by the income effect of price increase.

Explanation:

The above explanation in economics refers to Giffen Good. The idea behind this concept Giffen is that if you do not have money and there is an increase in the price of a fundamental product such as bread, it is still impossible to afford other alternatives, hence you will go ahead to buy bread or avoid buying any of the product. Hence, the demand for other product will also decrease in this case. This means that the demand for product with higher price or decrease in other substitute product is due to the fact that the income effect outweighs the substitution effect. Hence people do not have the money to even afford the alternative product.

8 0
3 years ago
Some economists suspect that one of the reasons that economies in developing countries grow so slowly is that they do not have w
kramer

This argument makes sense as some economists suspect that one of the reasons that economies in developing countries grow so slowly is that they don't have well-developed financial markets.

Why do economies in developing countries grow slowly?

The financial market is crucial for facilitating the flow of funds from individuals to investors to promote economic efficiency. It is exceedingly expensive and challenging to establish efficient financial markets in underdeveloped markets in emerging countries, which hurts economic growth.

What causes a country to grow faster than another country?
The labor force in nations having access to new technology and/or a wealth of research and development is frequently more productive than in nations without such access. Economic growth accelerates as productivity rises.

Learn more about financial markets: brainly.com/question/16623249

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4 0
1 year ago
Bubbles Inc. produces gummy bears. The company purchases raw materials, stores them in warehouse, and then runs them through two
rusak2 [61]

Answer:

D. $65,000

Explanation:

Data provided

Direct labor = $56,500

Manufacturing overhead = $8,500

The computation of Conversion costs is shown below:-

Conversion costs = Direct labor + Manufacturing overhead

= $56,500 + $8,500

= $65,000

Therefore for computing the conversion cost we simply add the direct labor with manufacturing overhead.

8 0
3 years ago
An easy-to-use decision support system that specifically supports strategic decision making is a(n) ________ system
kondaur [170]

An easy-to-use decision support system that specifically supports strategic decision making is called executive support system.

A decision support system is one software that helps to make effective decisions with providing various alternatives of the solution to the problems addressed.

Strategic decision making is a process that provide an overall decision over the edge gaining an extra advantage for the firm analysing the decisions taken and the impact over the organisation. Wrong decisions taken at the wrong time may result in specifically driven decisions.

To learn more about decision support system here,

brainly.com/question/14279526

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4 0
1 year ago
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