A scene from a popular movie that shows an involuntary exchange (where a buyer or seller is forced to participate) could be in Star Wars, where it fictionally demonstrates the conquest of different planets and galaxies by force, through theft, destruction and violence.
If the exchange were voluntary, the negotiation would take place in a way that is beneficial to both the buyer and the seller, where each would be involved in a legal and ethical agreement to carry out a transaction.
<h3 /><h3>What is the benefit of voluntary exchange for the economy?</h3>
It assists in the positive development of the market, as voluntary exchange ensures that buyers and sellers benefit from an exchange process, which is an essential principle for the global free trade system.
Therefore, voluntary exchange must be promoted in the world economy, where nations exchange resources in ways that benefit local economic development.
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Answer:
The answer is b. Up to $4 million.
Explanation:
It is critical to recognize that $3 million already spent on developing the product is the sunk cost, which is irrelevant cost that should not be included in the budget further spend for the new product.
As the new product is expected to generate a revenues of $4 million, the further cost should be spent on the new product development should not be exceeded the $4 million.
Thus, the answer is b. Up to $4 million is the correct choice.
Answer:
$9 million
Explanation:
Gross domestic product is defined as the total monetary value of all goods and services produced by a country in a given period. It is used to measure the countries wealth and economic growth .
GDP can be calculated based on expenditure, production, or by income.
Types of GDP measurements include real GDP, nominal GDP, GDP growth rate, and GDP per capita.
Gross domestic product= Total output - intermediate goods in production {products from Canada}
Gross domestic product= 10 million- 1 million
Gross domestic product= $9 million
Answer:
NPV of the microwave: 162.04
Explanation:
we will calcualte the present value of the microwave cost savings of 76 dollars per year using the annuity formula:
C 76 dollars
time 5 years
rate 0.05
PV $329.0402
The net present value will be the present value less investment
329.04 - 167 = 162.04
Each firm in the monopolistic competitive industry produces a slightly differentiated product.
The monopolistic competition occurs where competitive firms produces or manufactures products or services that are similar and close substitutes to one another.
The characteristics of the monopolistically competitive market includes:
- presence of many sellers in the market
- easy entrance and exit of consumers in the market
- differentiated products in the market.
Therefore, the Option D is correct because each firm in the monopolistic competitive industry produces a slightly differentiated product.
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