Answer:
Referendum: This is a direct vote in which an entire electorate is asked to either accept or reject a particular proposal, issue or question. A referendum may result in the adoption of a new constitution, a constitutional amendment, a law, the recall of an elected official or a specific government policy. It could be simply be where voters decide on what time pubs shut, how long shops stay open etc.
Genersl:This is a formal decision making process by which members of the population (voters) elect a representative. This could be for numerous things, we are familiar with government and political parties but it also applies to other areas. We use elections in our unions, governing bodies whether they are in education or the NHS, business organisations, clubs, voluntary associations and corporations too. Elections ensure positions are voted in and filled with law-makers, decision-makers and governance.
Correct me if im wrong.
You can choose a price that <u>maximizes your profits</u>.
<u>Explanation</u>:
If you are the only clothes producer in the industry, it is known as monopoly. Monopoly means a single seller selling a unique product without competition.
The monopoly seller has the right to choose the price for his goods. He can fix the price in the way to maximize his profit. As he is the sole seller, he will not have any competitions in the industry. This in turn helps him to make lot of profit on producing clothes with full freedom in fixing the price of the clothes.
The original purpose was to break off from King George.
