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soldi70 [24.7K]
3 years ago
12

(02.01 LC)

Business
1 answer:
astra-53 [7]3 years ago
5 0

Answer:

See below

Explanation:

Demand A): The number of goods and services that consumers want to buy. Demand is computed in relation to a specified price per period.

Price B): The amount paid for goods or services. In most cases, price is the monetary value attached to an item.

Profit C): Amount of money left over after the business pays its expenses. Profits are achieved when revenues or income are more than the costs.

Competition D): Rivalry in supplying or acquiring an economic service or good. Businesses compete to gain customers, a bigger market share, and more profits.

Global economy E) The production, purchase, and sale of goods in a world. Technological and infrastructure development has made trading in the world much easier and faster.

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The opportunity cost of a choice is the _____ of the opportunities lost.a. Valueb. Interest
salantis [7]

Answer:

a. Value.

Explanation:

The opportunity cost of a choice is the value of the opportunities lost.

In Economics, Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.

Simply stated, it is the cost of not enjoying the benefits, profits or value associated with the alternative forgone or best alternative choice available.

Hence, the opportunity cost of a choice  is the benefits that could be derived in from another choice using the same amount of resources.

<em>For instance, if you decide to invest resources such as money in a food business (restaurant), your opportunity cost would be the profits you could have earned if you had invest the same amount of resources in a salon business or any other business as the case may be.</em>

5 0
3 years ago
Select the items below that describe specific kinds of producers
Sunny_sXe [5.5K]
2 everything is technically about technology
8 0
3 years ago
Switching costs, the number of buyers, and if the items represent a relatively small portion of the cost of finished products ar
Murrr4er [49]

Switching costs, number of buyers, and if the items represent a relatively small portion of the cost of finished products are key considerations regarding the bargaining power of buyers.

Switching costs are the costs which are paid by a consumer as a result of switching brands, suppliers, or products. Some companies may employ high switching costs in order to prevent customers from moving to another brand.

Suppose if the customer purchases large volumes of standardized products from the seller, then the buyer's bargaining power is quite high.  Also, when substitute of a product is available in the market, the buyer power increases.

Hence, most prevailing switching costs are monetary in nature.

To learn more about switching costs here:

brainly.com/question/15561738

#SPJ4

7 0
2 years ago
How do you know how the government works on... there are reports but yet its top secret how do people know about things from the
Inessa05 [86]

Answer:

Hackers probably and even if only one person leaks something, it'll travel fast.

Explanation:

7 0
3 years ago
Due to the entrance of two firms in 2012, total monthly profits for all firms in the market decreased by $3,000 due to the _____
Lera25 [3.4K]

Complete Question:

Use the following scenario to answer the following questions:

In 2011, three firms were selling cellular phone service for a price of $40 per month in Pittsburgh, Pennsylvania. Each firm serviced 100 cell phone customers; thus, all firms together serviced a total of 300 customers. In 2012, five firms were selling cellular phone service for a price of $30 per month. Each firm serviced 70 cell phone customers; thus, all firms together serviced a total of 350 customers. Assume marginal cost is $0 (zero) for all firms and thus total revenue is equal to total profit.

Due to the entrance of two firms in 2012, total monthly profits for all firms in the market decreased by $3,000 due to the ________ effect and increased by $1,500 due to the ________ effect.

Answer:

Due to the entrance of two firms in 2012, total monthly profits for all firms in the market decreased by $3,000 due to the Price effect and increased by $1,500 due to the Output effect.

Explanation:

The effect of a transition in the value of a products or else in service on consumer spending on the economy. The price effect could also relate to the price impact of an occurrence. The price effect is the impact of replacement and revenue.

The condition where a price hike in one commodity raises the cost of output and decreases the production level of the company thus lowering prices for additional inputs; alternatively, a reduction in the cost of supply

The result is that the price exceeds marginal costs and improve production increases profit. Prices are affected by the price reduction and profit reduction of the increased production.

8 0
3 years ago
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