Answer:
1) You should go home and watch TV.
Explanation:
Since you value seeing the play $10, then you should leave the theater and go to your house to watch TV since that has a higher value for you ($12).
We are talking about opportunity costs here. Opportunity costs are the extra costs or benefits lost from choosing one activity or investment over another. In this case the opportunity costs are:
- watch the play = $10
- watch TV = $12
- read a book = $8
Since watching TV is more valuable to you, then that is what you should be doing.
Answer:
Market
Explanation:
Producer surplus is the difference between the market price and the minimum price at which a producer would be willing to sell a particular quantity.
Producer surplus is known to be the total amount that a producer benefits or gains from producing and selling a quantity of a good at the market price. The total revenue that a producer receives from selling their goods minus the total cost of production equals the producer surplus.
Answer:
2. concern for the welfare of society.
Explanation:
Corporate social responsibility refers to a concept that helps a company to take into account environment and social concerns in the business activities to make valuable contributions to society. According to this, the answer is that corporate social responsability describes the firm's concern for the welfare of society.
Managers use the POWER of their position to influence employees' decisions and actions.
