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Alex Ar [27]
2 years ago
12

Certain economic principles are of considerable importance in the valuation of real estate. The principle that "no buyer will pa

y more for a product than the price he can pay for a reasonable duplicate" is known as the principle of:
Business
1 answer:
Svet_ta [14]2 years ago
5 0

Answer:

Substitution

Explanation:

Principle of subsitution states that no consumer should buy a product for a high price of he can get an alternative (duplicate) that is of a cheaper price.

Substitutes are alternatives that provide similar satisfaction to the customer.

When the price of one product goes up the customer has a choice of going for an alternative.

For example honey and sugar are substitutes. When the price of one goes down people will go for the cheaper alternative. This acts as a price control mechanism.

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"System administrators" is the right approach.

Explanation:

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  • It has been used throughout the broad organization to identify each administrator concerned for such a specialized IT system, including one which services servers.
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When comparing the GDP of different countries, two issues immediately arise - currency and population differences. How does one
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Answer: Currency is converted to common currency, GDP is divide by population and compare GDP per Capita

Explanation:

GDP is measured in a countries currency. When Comparing a GDP of one country to the GDP of another country currency is converted into a common currency. Currency can be converted using exchange rate. the GDP of one country will then be expressed in the currency of another country using the exchange rate.

Some countries have a high number of population than others, for example China has more people than Mexico. therefore measure GDP and The standard of living between countries GDP will need to be divided by population which will give us GDP per capita which measures the standard of living by showing the GDP per person

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A:countertrade.

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