Answer:
1. Responsive
2. Elastic
Explanation:
When the price elasticity of demand for a good is very elastic, quantity demanded is RESPONSIVE to a change in price and the demand curve is relatively ELASTIC.
This is because the price elasticity of demand measures the responsiveness of the quantity demanded to a change in price.
Consequently, as the quantity demanded changes, the demand curve then becomes relatively elastic, by shifting either to the right or left.
Answer:
Resource Market
Explanation:
A resource market is a market from where businesses purchase inputs that can be used for production.
Resource Market is a market where labor and other factors of production are sold in the circular flow model of income in economic theory.
In Resource Market, households are the sellers and firms are the buyers.
Answer:
The aggregate return for the last year is 11.61%
Explanation:
The return on any asset is the increase in price, in addition to any dividends or the cash flows, which is divided by the initial price. Since, the preferred stock is assumed to have a $100 par value of, the dividend amounts to $6.60, therefore, the return for the year would be:
Return (R) = (Market Price - Stock Price + Dividend) / Stock Price
R = ($102.42 - $97.68 + $6.60) / $97.68
R = .1161, or 11.61%
Answer:
B: The net profit of installing the garage.
Explanation:
The opportunity cost is the next best thing that you could be doing but chose to give up in order to do something else. For example, if I chose to spend the day studying for a test, I won't have as much time to watch cat videos, hang out with my friends, or work on the website I'm coding. Since I love coding more than anything in the world, the time I could've spent coding is the opportunity cost of choosing to study.
A and C can be safely eliminated because they are describing the business expenses of the contractor, not what they could be missing out on if they choose to renovate the bathroom. In this case, D wouldn't make any sense since they wouldn't be missing out on any profits from the bathroom project at all. Therefore, the correct answer is B. The contractor can't be in two places at once, and by choosing the bathroom, they're passing up the opportunity to work on the garage and any resulting profits.
