Answer:
C. It results when the free market equilibrium quantity is higher than the optimal equilibrium quantity.
D. The open access to common resources results in their depletion through overuse.
Explanation:
The tragedy of the commons is a problem in economics that could be arise at the time when an individual reject the society well being for the personal motive. It would result in excess consumption and the depletion of the resources
So as per the given options, the option c and option d is to relevant as it directly linked to the meaning of the tragedy of the commons
Answer:
The correct option is C, rent on the restaurant building
Explanation:
The ingredients used in preparing food is variable cost as it varies with the number of plates of food prepared.
Hours worked by cooks determine how much they are paid since the longer they stay the higher the pay,hence it is a variable cost.
The rent on the restaurant building stay the same regardless of opening hours ,hence it is fixed not variable cost.
The energy costs varies with the number of opening hours, it is a variable cost.
The hours worked by servers determine how their take-home would be ,as a result it is a variable cost.
Answer:
The correct answer is option a.
Explanation:
Apples and oranges are substitutes. An increase in the price of oranges will cause the demand for apples to increase. This is because people will prefer a cheaper substitute. This increase in the demand for apples will cause its demand curve to shift to the right.
The rightward shift in the demand curve will cause the equilibrium price to increase. But this change in price will not cause a change in demand. The change in price affects only the quantity demanded. Change in demand happens because of a change in other factors.
So, the given statement is not correct.
The correct options are B, C and E.
Starting a business can be a risky move because of some elements which are involved in creating a new business. For instance, large amount of capital is needed to start a typical business and the uncertain conditions which prevails in the business world can make one to lose one's capital in no time at all. The extent to which assets can be converted to cash is also one of the risks that one must considered.
