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Vinvika [58]
3 years ago
6

Which situation best illustrates an effect of the law of supply

Business
1 answer:
murzikaleks [220]3 years ago
6 0
When the price of gasoline rises, for example, it encourages profit-seeking firms to take several actions: expand exploration for oil reserves, drill for more oil, invest in more pipelines and oil tankers to bring the oil to plants where it can be refined into gasoline, build new oil refineries, purchase additional pipelines and trucks to ship the gasoline to gas stations, and open more gas stations or keep existing gas stations open longer hours.
Economists call this positive relationship between price and quantity supplied—that a higher price leads to a higher quantity supplied and a lower price leads to a lower quantity supplied—the law of supply. The law of supply assumes that all other variables that affect supply are held constant.
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_____1. The price paid for the use of someone else’s property.
jonny [76]
The correct term to fill in the blank would be rent. The price paid for the use of someone else's property is called rent. It is a periodic and fixed amount of money paid by one that uses the possession of one.
7 0
3 years ago
Zirconia Fantasy sells only necklaces. 8 comma 000 units were sold resulting in $ 240 comma 000 of sales​ revenue, $ 60 comma 00
Naya [18.7K]

Answer:

$66,667

Explanation:

Contribution margin = Sales Revenue - Variable cost = 240000-60000 = 180000

Percentage of contribution margin = Contribution margin / sales revenue = 180000 / 240000 = 75%

Breakevent point in total sales = Fixed costs / Percentage of contribution margin

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3 0
3 years ago
Finding out how a product or service will do in a certain market is an example of this use of market research: identify if commu
Veseljchak [2.6K]

Answer:

identify value

Explanation:

Finding out how a product or service will do in a certain market is an example of this "IDENTIFY VALUE" market research. This will help the producers understand and know what the consumers want and the degree of value they placed on their products.

identify if communications are effective is used determine who the consumers are and the type of media preferred.

identify if consumer needs are being met is used to determine what customers like or dislike about a product or service.

identify threats and investigate the competition is used to determine changes in consumer preferences and competition

8 0
3 years ago
If supply is price-inelastic and demand is price-elastic, then the firm can earn positive profits by increasing the price.
strojnjashka [21]
I think it might be true in my opinion
8 0
3 years ago
Which of the following statements about conflict is most accurate? Conflict generally occurs between competitive individuals and
MAVERICK [17]

The correct answer is B. Conflict is a normal part of everyday workplace.

Explanation

Conflict is the term to refer to the situation in which two or more people disagree on any matter, that is, they have different points of view on the same thing and neither of them gives in or agrees to negotiate mediation on such matters. affair. This is due to the diversity of likes, thoughts, beliefs, preferences of people that influence their actions in daily life. According to the above, in a workplace, it is very common to find conflict situations because different people are working on the same issues and each one has specific considerations of how it would be better to do things; however, this does is not necessarily negative or reduces productivity; indeed, conflict can lead to negotiation, cooperation and new ideas. So, the correct answer is B. Conflict is a normal part of everyday workplace.

5 0
3 years ago
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