Answer:
C) an increase in the nominal price of the other good while the price of the good itself remains constant.
Explanation:
Relative price is the price of a good relative to the price of another good. It is also known as real price.
Nominal price is the price of a good in money terms.
Let's assume the price of bread is $5 and the price of a frame is $7. The relative price is $5 / $7 =0.7 and the nominal prives are $5 and $7. Assume:
1. That the price of bread rises to $10 And the price of a frame rises to $8. The relative price rises from 0.7 to 1.25.
2. That the price of bread remains constant and the price of frames fall to $5. The relative price becomes 1.
3. Assume frames rise to $8 while bread remains $5. The relative price becomes 0.625.
4. Assume bread decreases To $4 And frames decrease to $3. The relative price becomes 1.3.
It is only the third scenario that doesn't increase the relative price of bread.
I hope my answer helps you.
<span>The issue here is whether Tracy had enough to drink that would cause him to be mentally incapacitated. If Tracy was mentally incapacitated, the contract would be rendered unenforceable and thus, Tracy would not need to honor the contract and vice versa. However, if Tracy cannot show this, the contract will likely be upheld.</span>
Answer:
Law of Diminishing Marginal Utility
Explanation:
Demand refers to the volume of a product or service consumers are willing to buy at a given price over time. Demand is high when customers are willing to buy more of a product. Several factors influence the demand levels of a product. They include
- Consumers preferences and tastes
- consumers income
- prices of related goods
- consumer expectation on future prices
- number of consumers in the market
- Income distribution
The law of diminishing marginal returns associates the utility derived from an additional input while holding other factors constant. The law claims that the marginal utility of an input declines as its supply increases. It does not influence the demand for a product in any way.
Her opportunity cost is what she could have earned in that occupation instead of doing her own accounting work.
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Explanation:</u></h3>
Opportunity cost refers to the loss of any gain that can be attained from the alternatives that are available, when one alternative is chosen by a person. For instance consider that a person has decided to go for a movie during his free time. The cost she spent for the movie can be spent to the things that can be more useful. For example investing in something which is the opportunity cost here.
The opportunity cost is also called as economic cost. It can be calculated by measuring the amount that the time of the owner to be obtained from the next best usage. For instance the owner can consider doing accounting work to some other firm than doing for his own firm. Thus he opportunity cost would be the amount that she can earn from the other firm than doing accounting work for her own company.
Answer:
The disclaimer made on May 31, 2018.
Explanation:
IRS Section 2518(b) regarding Estate and Gift Taxes states:
<em>"A taxpayer may make a qualified disclaimer no later than 9 months after the date on which the transfer creating the interest is made, or the date the person attains age 21." </em>
Since Stacey's interest was created on June 1, 2019, the 9 month grace period ended on March 1, 2020. Therefore the last disclaimer made on May 31, 2020, will be subject to federal gift taxes.
