Answer:
Option (D) is correct.
Explanation:
Perfect substitute goods are the goods which can be used in place of each other.
Perfect substitutes refers to the goods which are having identical characterstics, features and provide the exactly same level of satisfaction.
The marginal rate of substitution for these perfect substitute goods remains constant which means that the trading of one good for the another good is at a fixed rate.
Answer:
C. the MC curve passes through the minimum point of the ATC curve.
Explanation:
Marginal cost is the cost of producing additional unit, it is upward sloping as generally the cost that is additional as it tends to increase with increase in output.
Whereas Average Total Cost is a U shaped curve, it basically starts from a high point and then tends to decrease as the increase in number of units with constant fixed cost tends to decrease the average, but ultimately after it reaches its lowest point it tends to increase because now to produce units, there is extra cost required.
The Marginal Cost Curve touches the Average Total Cost curve at its lowest.
<span>It is not necessary to build a new market supply schedule </span><span>when there is a change in the price of a good
</span>
Answer:
Federal Revenue
Explanation:
These revenues come from three major sources: income taxes paid by individuals: Payroll taxes paid jointly by workers and employers.
In this question, it describes a culture that is low in
institutional collectivism. Institutional collectivism is a practice that gives
rewards to the action that gives positive results. In low institutional
collectivism, it shows that an individual gives an effort to reach its goal.
