Answer: The opportunity cost of moving from point B to point C is the 2 units of butter that are given up to gain 1 additional gun. When an economy is producing at a point on its production possibilities curve, the economy is using its resources fully and efficiently, e.g. .
Answer:
see below
Explanation:
Elastic demand describes a scenario where a small change in price results in a significant difference in the quantity demanded. The term 'elastic ' suggests a moving or a stretching demand. Goods that have many substitutes have an elastic demand.
A product or service will have an elastic demand when a small price change greatly affects consumption. Customers will still seek alternative cheaper options if the price increases, which causes demand to drop significantly. The demand for cooldrink is price elastic if a small change in price results in demand changing considerably.
Answer: $50400
Explanation:
Based on the information given in the question, it should be noted that Lincoln Company can take full credit due to the fact that the workers work for more than 400 hours
Therefore, the work opportunity credit will be claimed as 40% of the first $6,000 and this will be:
= (40% × $6000) × 21
= $2400 × 21
= $50400
Answer:
Explanation:
A monopoly is a market structure where there is only one supplier of a product and many buyers. An example of a monopoly is Microsoft; it is a price setter in the market. Abuse of monopoly power can occur when a firm dominates the market meaning no competitors within the industry. This abuse could be in form of limiting output or setting higher prices to benefit from supernormal profits . This therefore leads to less choice for consumers.Over time, monopolies can become less innovative because they do not have competition and causing the market to fail and be inefficient; the price mechanism fails to take into account all of the costs and/or benefits of providing and consuming a good.
Answer:
here are some.questions.below
Explanation:
What does it mean to be morally right or morally wrong?
To what extent do we learn these ideas of right wrong from our environment? ...
Are there actions you believe are always morally wrong?
