Answer:
Substitution
Explanation:
Principle of subsitution states that no consumer should buy a product for a high price of he can get an alternative (duplicate) that is of a cheaper price.
Substitutes are alternatives that provide similar satisfaction to the customer.
When the price of one product goes up the customer has a choice of going for an alternative.
For example honey and sugar are substitutes. When the price of one goes down people will go for the cheaper alternative. This acts as a price control mechanism.
Answer:
Allura’s Little Robotics Company sells Good S in a perfectly competitive market with a downward-sloping demand curve and an upward-sloping supply curve. The market price is $62 per unit.
Finding the right place to be a waitress at could be really good :) But if you're not too inclined to rely mostly on tips here's a list of good places that have some benefits (free food, flexible schedule, etc.)
- McDonalds
- Lifeguard
- Babysitter
- Chipotle
- Gas stations (I know someone who works there who says they offer a very flexible schedule)
- Gap
- Subway
- Sonic
- Little Cesar's
- Rue 21 (or other stores similar to that)
- Starbucks (they offer amazing benefits!)
- Target
- Apple support (I believe they send you a computer and all to be able to work and you also get discounts)
You can find plenty more online. Keep in mind that at 17, you can practically work anywhere! Good luck & hopefully this helped!! :))
Answer and Explanation:
Perfect competition is a competitive market where there is a very wide number of buyers and sellers who offer the same or similar goods with great product and service information. Furthermore, this sector has free entry and exit
So it is a perfectly competitive market, also it cannot influence the market price also there are price takers
Also the given statement is false as it represents the monopoly market not the perfect competition market
