An economic structure in which judgments about what to manufacture and in what amounts are determined by the markets consumers and retailers is known as a free-market system
This is further explained below.
<h3>What is
the free-market system?</h3>
Generally, A market economy is an economy in which choices about investment, production, and distribution to consumers are led by the price signals that are formed by the forces of supply and demand. This kind of economic system is known as a free market economy.
In conclusion, A free market system is an economic framework in which decisions on what to make and in what quantities are set by the customers and retailers in the market.
This kind of system is also known as a consumer-driven economy.
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Answer:
B. Laurence; both programs and sunglasses
Explanation:
A person has absolute advantage in the production of a good or service If he produces more quantity of the good when compared to other people.
Lawrence produces more quantities of both programs and sunglasses (10,6) when compared with Carrie Anne (5,4)
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a) Yes, $67 exceeds the loss—minimizing output.
Using the MR
They will produce 9 units.
Profits per unit = $67 - $50 = $17
Total profit =
$153.
(b) Yes, $42 exceeds the loss—minimizing output.
Using the MR
They will produce 6 units
Loss per unit is = $42 - $47.50 = $5.50
Total loss = $33 (= 6 x $5.50), which is less than the total fixed cost of $60.
c) No, because $33 is less than AVC. If it did produce, the quantity will be 4—By producing 4 units, it would lose $78 [= 4 ($33 - $52.50)]. and if they didn't produce, it would lose only the total fixed cost of $60.
Answer:
Convergence
Explanation:
Convergence meaning that the two different entities are coming together. It is also defined as the tendency of the group members to become more alike. It is also known as the company culture, in the sense, that the people who work there, tend to have the similar characteristics.
Therefore, the convergence is the phenomenon which states the shifting of the styles of the individual management in order to become more similar to one another.
Two relevance of entrepreneurship to Students include:
- Teaches them life skills.
- Gives them options after leaving school
<h3>What is the relevance of entrepreneurship to students?</h3>
Students should be taught entrepreneurship skills because it can teach them some important skills in life such as problem-solving and creative thinking.
It would also give them an extra avenue to earn an income while still in school and when they leave school.
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