If the demand for steak (a normal good) shifts to the left, the most likely reason is that consumer income has fallen.
<h3>What is a normal good?</h3>
Normal goods are goods that are goods whose demand increases when income increases and falls when income falls.
The demand curve shows the relationship between price and quantity demanded. A shift to the left of the demand curve indicates that demand has decreased.
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Operations support systems are generally used by managers at lower levels of an organization. Therefore, the correct answer is option 'D'.
An operational support system (OSS) is a collection of computer programs or information technology (IT) system used by communications service providers to monitor, control, analyze, and manage a computer or telephone network system.
OSS software is designed specifically for telecommunications service providers and is primarily used to support network processes such as network inventory management, network component configuration, service provisioning, and fault management.
With the proliferation of new broadband and Voice over Internet Protocol (VoIP) systems, OSS and network management are increasingly being applied to home networks.
An OSS is also referred to as a business support system (BSS).
Hence, the correct option is 'D'.
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The new ordinance will make a difference when the new wages will be binding.
<h3>How to depict the information?</h3>
It should be noted that the supply curve shows the relationship between the price and the quantity supplied.
Based on the information given, when the equilibrium wage is above the minimum wage, the ordinance won't make a difference.
On the other hand, when the equilibrium wage is below the minimum wage, it'll make a difference for the worker.
Therefore, joining the lowest of the two points will give the equilibrium.
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Answer:
The correct answer is 'Average prices are rising, but it is not certain what is happening to relative prices'.
Explanation:
Inflation is the overall increase in the prices of goods and services. It is a quantitative measure to understand the change in the prices. In general, inflation means average prices of goods and services are rising. It does not account for the relative prices so it is not certain what is happening to relative prices.
General technological advance is most likely to cause the production possibilities frontier to shift outward from a to b.
Technology has always been vital for organisations, but in recent years, that importance has increased significantly. By definition, technology is the practical application of scientific knowledge, and it is obvious that in order for businesses to remain competitive, they must adopt new technologies. The importance of new technology for organisations can be attributed to a number of factors. First, firms can improve their production and efficiency by utilising modern technologies. This is so that workers may concentrate on other duties because new technologies sometimes automate operations that were previously performed manually. Additionally, by lowering their dependency on costly manual labour, new technology can assist firms in saving money. Finally, firms can frequently access new markets and clients thanks to new technologies.
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