Answer:
D) The discovery of oil reserves has resulted in a rightward shift of the long-run aggregate supply curve.
Explanation:
Since the discovery of oil, Almora's gross domestic product will start to grow (both nominal and real GDP). Since the aggregate supply exceeds the real GDP, it is reasonable to expect that the GDP will continue its expansion for several years. The only factor that can diminish economic expectations is that inflation increases so much that it will end up hurting the economy.
Having huge oil reserves doesn't mean that the standard of living has improved. Just look at Qatar, United Arab Emirates, Saudi Arabia, etc. The populations of these countries is either extremely rich or very poor. Or we can look at Venezuela and realize that everyone that doesn't work for the government is poor.
This scenario usually repeats in countries that rely only on natural resources.
Answer: "market segmentation" .
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Answer:
B
Explanation:
A firm is an organisation that is created to make profit. They transform resources into products
They include :
- corporations
- limited liabilities
- partnerships
Answer:
D. Decrease
Explanation:
Monopolistic Competitive market structure includes many sellers selling related but differentiated (imperfect substitutes) of each other.
This market has free entry & exit, firms' partial control over price-based on differentiation but also market competition, imperfect knowledge-based on selling cost & claimed superiority of all firms' products over each other.
Eg : Cosmetic, Skin care products.
If new firms enter this market , the existing firms demand curve becomes more elastic (more responsive to price change) & demand decreases , shifts leftwards.
Answer:
If the elasticity of demand of golf balls sold in the US is -0.4, the new equilibrium price will be -37.5% less price
Explanation:
In order to calculate the new equilibrium price If the elasticity of demand of golf balls sold in the US is -0.4 we would have to use the following formula:
Price elasticity of demand= percentage change in quantity demanded /percentage change in price of the good
According to the given data we have the following:
Price elasticity of demand=-0.4
percentage change in quantity demanded=15%
Therefore, -0.4=15%/percentage change in price of the good
percentage change in price of the good=15%/-04
percentage change in price of the good=-37.5%
Therefore, If the elasticity of demand of golf balls sold in the US is -0.4, the new equilibrium price will be -37.5% less price