Answer:
Consumers would not keep buying ice cream at $2.75 because after purchasing a certain amount of ice cream, utility would be maximised and consumers would not value ice cream at $2.75 anymore. Consumers would not purchase a product it the marginal utility that would be derived from consuming the product is less than the price.
According to the law of diminishing marginal utility, as more units of a product is increased, total utility increases but at a decreasing rate.
Explanation:
Marginal utitiy is the increase in utility that is derived from consuming one more unit of a product.
The control standard that is stated most effectively is: Increase sales of our top-end product from 2000 in the first quarter to 3000 during the same period by 2024.
<h3>What is meant by the term control standard?</h3>
This is the term that is used to refer to all of the set standards in an organization that has the ability of taking care of several measures as well as their control and all forms of corrective measures.
It helps in the comparison of the subsequent performance with the performance that used to exist.
Hence we would say that the answer is Increase sales of our top-end product from 2000 in the first quarter to 3000 during the same period by 2024.
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Answer:
The answer is significantly.
Explanation:
Oligopoly is a market situation in which there are few sellers, selling similar goods and services and many buyers. The barriers to entry in this market in high. Example of a oligopoly market is OPEC.
The competition amongst the few sellers is high because they are selling the same thing and a change in price by one firm will significantly affect other firms in the industry. For example, if a firm reduces the price of its goods, this creates a price war and other firms to start reducing their price to match the lower price. And if another firm increases its price, consumers will switch to competitors
Risk mitigation involves reducing the impact of a risk event by reducing the probability of its occurrence. To mitigate means to make something less bad or less severe so in this case if a risk turned out to be a negative reality, risk mitigation should be a part that you've already planned so you could easily solve it and move on with the project.
