Answer: Firms gain control over price in monopolistic competition by <u>"C) differentiating their products.".</u>
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Explanation: Monopolistic competition is an imperfect type of competition in which there is a high number of sellers in the market. The products offered are characterized by having some differentiation and it is precisely this differentiation that makes these companies enjoy a certain power of market, have a certain voice when setting their prices and are not merely "price-acceptors", as in the case of perfect competition.
Answer: The court will apply the predominant-purpose test to determine whether the predominant purpose of the contract was the sale of goods in which case the UCC would apply.
Explanation:
Based on the information given in the question, we should note that the court will apply the predominant-purpose test to determine whether the predominant purpose of the contract was the sale of goods in which case the UCC would apply.
We should note that under a predominant purpose test, it will apply when the transaction involved is Mena for goods sales and not for the service sales.
Answer: 20th/21st: social insurance tax and individual income tax
19th: tariffs and excise taxes
Explanation:
Answer:
Euphoria produces 12 million bushels of corn and 16 million pairs of jeans
Euphoria's opportunity cost of producing 1 bushel of corn is 1/4 pair of jeans
Euphoria's opportunity cost of producing 1 pair of jeans is 4 bushels of corn
Euphoria will produce only jeans, total production 64 million pairs of jeans. The total production of jeans between the two countries increased by 12 million per week.
Contente produces 6 million bushels of corn and 36 million pairs of jeans
Contente's opportunity cost of producing 1 bushel of corn is 1/2 pair of jeans
Contente's opportunity cost of producing 1 pair of jeans is 1/2 bushels of corn
Contente will produce only corn, total production 24 million bushels.
The total production of corn between the two countries increased by 6 million bushels.
Contente trades 14 million bushels of corn for 42 million pairs of jeans from Euphoria:
- Contente's gain = 42 - (14 x 1/2 = 7) = 35 million pairs of jeans
- Euphoria's gain = 14 - (42 x 1/4 = 10.5) = 3.5 million bushels of corn
Consumption with or without trade:
- Contente ⇒ with trade 10 million bushels of corn and 42 million pairs of jeans. Without trade 6 million bushels of corn and 36 million pairs of jeans. Total gain = 4 million bushels of corn and 6 million pairs of jeans.
- Euphoria ⇒ with trade 14 million bushels of corn and 22 million pairs of jeans. Without trade 12 million bushels of corn and 16 million pairs of jeans. Total gain = 2 million bushels of corn and 6 million pairs of jeans.
Answer:
The United States can specialise in producing goods and services which capitalise on its competitive advantages.
Explanation:
Increased global trade opens the United States (U.S) to international markets. This allows businesses in the U.S to scale their operations so as to meet world demand. In doing so, these businesses may experience lower costs per unit due to increasing production capacity. This growth in operations could lead to increased competition from foreign businesses seeking to enter or operating in the U.S economy. Owing to this, higher levels of innovation and efficiency at firm level would be instituted so as to offer competitive prices.
