Scarcity is the condition wherein the mean to and end (that is resources required to achieve set goals) are limited in relation to the goals that need to be achieved.
Because of the above, one has to carefully make their choice while allocating the resources accordingly.
<h3>What is opportunity Cost?</h3>
When a choice is made between two competing alternatives, it means that one alternative has to be foregone. The alternative foregone is called the Opportunity Cost.
<h3>
What is a rationing device?</h3>
A rationing device is a system that determines who receives what of limited commodities and resources.
Price is one of the most regularly employed rationing techniques in a capitalistic (market-based) economic system.
Those who are willing and able to pay the price for a certain commodity (or resource) can obtain it.
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Answer:
Appropriate Terminology
a. If Kevin's boss is interested in a graphical presentation of the relationship between the price and quantity of televisions supplied, you would advise your coworker to construct -------- using the data provided.
bar chart or histogram
b. However, if Kevin's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that a -------- would be more appropriate.
table
Explanation:
A bar chart or graph represents categorical data with rectangular bars. It can be used to visualize data distributions, compare data groups, and to track periodic changes in data. Tables are versatile organization tools that can communicate information with or without the use of other graphical tools.
Answer:
Mrs Smith either shut down the business or invest in efficient equipements that lowers the total cost to below $7
Explanation:
The reason is that the you can not make profit if you product is sold in the market at a higher price than the competitor who offers the same product with the same features. So here, Smith can not make profits by selling the product at $8 because here total cost is $8.25 per unit.
So either she should invest in the business equipments which bring efficiencies and keeps the total costs to below $7 or she should shut down her business because the business is turned into loss making machine.
Answer: Market penetration
Explanation:
The market penetration strategy is one of the type of alternative growth strategy in which it mainly focus on gaining the high marketing share by selling the products and various types of services in the market.
The main advantage of this strategy is that the products are quickly adopted in the market and we also gain some effective incentives.
The market penetration strategy focuses on the organization growth and selling the products to the existing customers.
Therefore, Market penetration strategy is the correct answer.
The answer for this statement is TRUE
