Answer:
The total value created is $70
Explanation:
In this scenario, the total value created is the total monetary benefit of a consumer and a producer with respect to the sale of a product. It therefore, is the sum of the consumer surplus and producer surplus. It is calculated as follows:
Consumer surplus = consumer's willing price - market price = 130 - 100 = $30
Producer surplus = market price - producer's willing price = 100 - 60 = $40
Therefore, total value created = 40 + 30 = $70
Answer:
Fallacy of composition.
Explanation:
Fallacy of composition also called faulty induction, composition fallacy, or exception fallacy is an assumption which states that the result achieved from an experiment on a section of a population will be true for the entire population. Fallacy of composition often lead to incorrect conclusion as what is good for a part of a bigger population may not always be good for the whole, example is when a spectator in a stadium stands up, he gets a better view of the game, but when everybody stands up, the opposite is the case.
Answer:
The correct answer is: Conduct and certify representation elections.
Explanation:
The National Labor Relations Board (<em>NLRB</em>) is an independent agency of the United States federal government that looks for protecting employees' rights, forming unions when necessary. The NLRB also helps employees in the election of the union's representative to make sure the majority of the workers' decisions are being respected.
In a market economy, the factors of production are allocated by PRODUCERS AND CONSUMERS.
A market economy is a type of economy in which investment decisions about production and distribution of goods and services are based on the interplay of the forces of supply and demand which determine the prices of goods and services.