Answer:
Some of the factors that influence the supply of a product are described as follows:
i. Price: ...
ii. Cost of Production:
iii. Natural Conditions:
iv. Technology:
v. Transport Conditions:
vi. Factor Prices and their Availability:
vii. Government's Policies:
viii. Prices of Related Goods
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Answer:
Markets are competitive.
Explanation:
In the competitive market, the number of sellers competed with each other in terms of prices, quality, maximize the market share.
In the given situation, various sellers are competed with each other for meeting out the consumer demands also at the same time it offers the goods at lowest cost and highest quality so that it capture the whole market
Therefore the second option is correct
Answer:
A. Machine
Explanation:
There are various categorisations of entrepreneurs based on their characters, abilities and strategies among others. However,the founder institute developed a new categorisation for entrepreneurs by testing about 30,000 entrepreneurs including known names like Steve Jobs and Elon Musk and categorising them based on their priorities and qualities into the following: Hustler, Prodigy, Visionary, Innovator, Strategist and Machine.
Machine Category: This represents entrepreneurs who maintain a high level of focus getting things done. They simply focus on the task ahead of them and get them done. They are very concerned about efficiency and effective delivery of their tasks. Lin simply became very good at what she was doing by being dedicated to the tasks ahead of her.
Other Categories
Hustlers- they can sell anything and get into the promotion and sales of all manner of products and services
Prodigy - The excel in business with innate business instinct and sense, their strong intellects and social skills ensures their success
Visionary - Combines innovation with enthusiasm and is capable of carrying the masses along in these innovations as a result of the energy committed
Innovator- Always looking forward to improving on old ideas and find new ways of doing things. They are challenged by change
Strategist- Always looking at how to achieve long term goals, very tactical and calculating.
A. The size of the factory is fixed.
We know there will always be costs of rent and etc when running a business so even in the short run there is fixed costs. The output is always variable depending on the number of workers. The number of workers is also not fixed, but the size of the factory is because you cant just get up and move your business over night, it costs money and is a lot of work.
