The distribution of income in the United States has become less equal over the last 20 years. This means that the difference between the rich and the poor has grown. It could mean that the rich have started getting more money while the poor get what they used to get, or even less. In any case, the gap between their income has changed greatly during this time period.
Answer:
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Explanation:
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Answer:
Let understand what elastic and inelastic demand is:
- If the small change in price causes heavy change in the quantity demanded then the demand is said to be elastic.
- Opposite to it is inelastic where even there is a very high change in the price but there is not so much effect on the quantity demanded.
Here, Camel cigarettes has a price elasticity of demand which is equal to 6 which means if the price suddenly increased, the quantity demanded will decrease. If any cigarette is having price elasticity of demand less than 2, it means it has less elasticity or if price increases very much then quantity demanded will not be affected so much.
Answer: d. the costs of attracting new customers are rising.
Explanation:
Due to the fact that companies always want to keep their old customers and ensure customer loyalty, they try as much as possible to satisfy them and meet their needs.
Due to this reason, the cost of attracting new customers are high. Companies go through a lot of processes to get new customers such as promotion, advertisement to attract new customers etc. The cost involved are typically high.
Answer:
c. makes trades less costly.
Explanation:
Payments system are means through which goods and services rendered are been paid for.
Payments system can also be defined as systems or mechanism that have been put in place in order to be able to effectively settle or pay back financial transactions for services rendered.
Example of Payment systems include:
a) Payments system based on barter: This is one of the old methods of payments for goods and services rendered by a particular party. This method involves an exchange or transfer of goods and services for another goods and services that matches the value of the goods and services been paid for. It is important to note that money is not used in a trade by barter system.
b) Payments system based on money: After currency was invented by countries of the world, payment systems evolved and money was used to settle any form of transactional activities. Payment system based on money is a means whereby goods and services been rendered by a particulars body is paid for using currency also know as money.
One of the major advantages of using payments system based on money over the payment system based on trade by barter is because payment system based on money, makes trading amongst people less costly.
