Solution :
In the first statement, the government institutes a legal minimum of 8 dollar is considered a price floor because it imposes the lower limit on market price. It is binding as the market price is lower at the price of 7 dollars.
In the second statement, it is a price floor as the statement speaks about minimum wage laws that are creating the unemployment. The minimum wages also imposes lower limit at market wage.
The third statement is a price ceiling as the upper limit on price has been imposed. This is not binding since the price is below ceiling price.
Answer:
The first is a consideration raised to explain the appeal of a certain strategy; the second is a consideration raised to call into question the wisdom of adopting that strategy
Explanation:
The strategy to increase overall profits from the new product is to charge less than the largest possible price.
- Let’s break down the logic now - and it’s going to be long and complicated. Ignore the boldface for now, because if we don't understand how logic works, we can have a hard time understanding the role of each component:
With advanced technology, a new product can usually be sold at a higher price.
- Most companies charge as much as they can because (a) advanced technology quickly outperforms them and (b) companies want to make as big a profit as they can.
- Knowing that any technical advantage you have will soon outweigh the cost as much as you can to maximize your immediate profit.
- When competitors see a company making big profits on a new product, they want to quickly match the technology of that product.
- By maximizing your own profits, you are giving competitive companies an incentive to quickly "catch up" and create products with similar capabilities.
- Instead, if you don't charge as much as you can and increase your immediate profits, competitors are less likely to match the product.
- Without great high prices, your company has more time to make profits than a technologically advanced product.
- Therefore, according to the author, if a company wants to maximize overall profits from a new product, it must charge less than the highest possible price.
Fertilizer and manure can be added to the soil in order to increase the yield of crops. Fertilizer, however, has more nutrients in it and is therefore more beneficial to growing plants. Manure can be prepared in fields (created by animal and plant wastes) while fertilizer is created in factories (using chemical compounds). Manure provides humus to the soil while fertilizer does not, but fertilizer is absorbed by plants more quickly than manure.
In the primary market investors buy securities directly from the company issuing them while the secondary market, investors trade securities among themselves, and the company with the security being traded does not participate in the transaction. Therefore, an example of a primary market transaction would be the sale of 1000 shares of newly issued stock by Alt Company to Miquel.
A restaurant is a place where <u>food and drinks</u> are prepared and served to clients. Meals are often served and consumed on-site, however many restaurants also provide take-out and food delivery services.
Alejandro is a<u> bartender</u> and Mei is a<u> Chef</u>.
<h2 /><h2>The reasons for the selection of their Job position:</h2>
<h3>Alejandro:
</h3>
- Alejandro works in a restaurant at night.
- His work is preparing drinks for customers.
- He serves drinks to those <u>sitting nearby</u>, but he also prepares drinks for <u>waiters to distribute</u> to guests around the restaurant.
- Alejandro is almost certainly a bartender.
<h3>Mei:
</h3>
- Mei works long hours as a waitress in a restaurant.
- She creates the restaurant's menu, manages kitchen employees, and prepares food.
- Mei is probably a chef or a cook.
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