The industry is currently in long-run equilibrium. The economy now goes into a recession and average incomes decline. The result will be an increase in output, but not in the price, of the product. This is further explained below.
<h3>What is a
product?</h3>
Generally,
In conclusion, The market is in a state of long-term balance. There is currently a drop in typical salaries and the economy is entering a recession. As a consequence, production will rise without corresponding increases in cost.
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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:
Normal goods have a positive relationship with income & purchasing power parity (PPP) with an increase in income ( I ) consumption of normal goods also increased respectively.
So, with the increase in students' income consumption of Pizza will be increased
As normal goods have a positive income elasticity of demand coefficient but it will be less than one.
Explanation:
Let’s discuss the normal goods, as a decrease in the price of normal goods its consumption will boost or increase. As when normal goods become cheaper, they will be consumed much as we know that people will consume them because of the logical reasoning of cheaper than its substitutes. Likewise, with an increase in income, its consumption will also increase but at a stage where it will become inelastic or constant.
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Answer:
Unloading the dishwasher is an example of a two-minute action task. The correct answer should be A
Answer:
The correct answer is True.
Explanation:
Whenever a conflict arises within the classification of projects between the expected monetary value and the standard deviation, the coefficient of variation is used to try to solve the problem. For this reason, it is concluded that the coefficient of variation is a standardized measure of risk.
