Biological warfare (mustard gas)
<u>Question 1</u>
The correct answer is: "FALSE".
The total revenue earned by a firm is computed using the formula:
R= price * quantity
According to the formula, if the term "price" increases, R would increase too. But an increase in price usually decreases the amount demanded by consumers of a certain product. Therefore, if quantity demanded drops in a higher proportion than the increase in price, the final total revenue would decrease. So the final effect depends on the size of the two variations.
<u>Question 2</u>
<u>The determinants of demand are the following:</u>
- Price: inversely related to the quantity demanded, as the larger the price the smaller the amount demanded of a product.
- Income of consumers: directly related. The larger the income earned by an economic agent, the larger the amount demanded of a normal good (there are exceptions, such as inferior goods, for which income and demand are inversely related).
- Prices of related goods of services. If two goods are substitutes, the increase on the price of one, decreases the amount demanded of that product but increases the amount demanded of the other product. It two goods are complements, the increase in the price of one good decreases the amount demanded of it, and the amount demanded of the other product too.
- Tastes or preferences of consumers. If a product is in line with the general preferences of consumers the amount demanded will be large.
- Market expectations. For example, if a price is expected to rise, consumers might prefer to buy now and therefore demand increases at the moment.
Answer: 2 & 4
Explanation:
Variable expenses, also called variable costs, are expenses that can change over time. These costs vary depending on your usage of products or services, and they can change depending on any number of factors.
Source: Google Search Engine (First Result)
- Loans change overtime the more you pay them
- Apartment rent depends on how many resources you (e.g. Water, Electricity)
Note:
I'm not 100% sure about the answer I gave, because it's a really vague case.
I believe the answer is: behavioral tendencies
behavioural tendencies refers to the uncontrolled behaviour that is untrained and often arise under a certain situation without we being aware of it.
This type of tendencies are integrated within our brain as a form of survival mechanism. Examples of behavioural tendencies would be the fact that we become extremely cautious when we experience a spike in adrenaline that increase our response and concentration when we feel that we're in danger.
