Answer:
True
Explanation:
The purpose of any business is to make profit, which is from the difference between revenues (price of product multiplied number of product sold) with the cost of goods sold (average total cost multiplied number of product sold).
In short, the profit = (price - average total cost) x number of product sold.
Normally the price must be above/ higher than cost, so that the firm can have profit. Sometime the price in the market go down, so the firm have have to adjust down its price also to maintain customer's purchases.
Once its price is down, but the firm's average total cost is still same as previous, the firm can not have profit as previously. The firm may bear this situation as long as its capital capacity allowed, but will not be too long.
Answer:c. the productivity of its workers
Explanation: One of the three determinant of economic growth is increases in labor inputs, such as workers or hours worked.
Improved economic growth raises a nation's standard of living.
False it is not a true statement.
Answer:
$21,420
Explanation:
The total expense in year 1 was $21000
the inflation rate is 2 percent. it means prices will increase by 2 percent.
The amount to be spent in year 2 will be more by 2% than year 1
If year expenses are 100%, year 2 expenses will be 102%
Actual year 2 expense will be 102% of $21,000
=102/100 x $21,000
=1.02 x $21,000
=$21,420