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zmey [24]
3 years ago
13

Review Question 1 What is meant by deadweight​ loss? Why does a price ceiling usually result in a deadweight​ loss? Deadweig

ht loss is a​ _____________________. A price ceiling results in a deadweight loss when the ceiling price is set​ ________________ the market clearing price. A. net loss in​ output; above B. net loss of consumer and producer​ surplus; below C. net loss in​ output; below D. net loss of consumer and producer​ surplus; above Click to select your answer and then click Check Answer. All parts showing
Business
1 answer:
KiRa [710]3 years ago
8 0

Answer:

b

Explanation:

Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.

Effects of a binding price ceiling

1. It leads to shortages

2. it leads to the development of black markets

3. it prevents producers from raising price beyond a certain price

4. It lowers the price consumers pay for a product.  

The dead weight loss is the reduction in total surplus as a result of price setting. When price is set below equilibrium price, less goods are produced and consumed. This leads to a reduction in consumer and producer surplus

Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.

Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product

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Summit Software, Inc., recently celebrated its fifth year of business. Jim Mueller, the proprietor, started the software manufac
kirill115 [55]

Answer:Q1. Is Summit software is gazelle? Support your answer.

Ans.  .Gazelle define as  a gazelle company is a high-growth company that has been increasing its revenues by at least 20% annually for four years or more, starting from a revenue base of at least $1 million. Yes from this definition, we can say that this software is gazelle.

Q2.What problems may Jim face by owning such a fast-growing business?

Ans. Faces problems that the As the business grows rapidly, there would be more expectations from the customers. They would expect for change and more innovation in their products. Mr. JM has only three employees and they are burdened with heavy load of work.

The competition arises between firms. Some might be healthy and some might be unhealthy. Unhealthy competition may lead Mr. JM to go in a wrong path.

Q3. Are gazelle more important to the economy that traditional growth business?why or why not?

Ans. Gazelles are vital for the growth of the economy as the country is being benefitted by the profit received by gazelles. Gazelles grow rapidly and hence the economy of the country grows rapidly. Traditional growths in businesses are very slow but they also bring steady profit for the country at a lower and standard level.

Explanation:

7 0
3 years ago
Which statement is true regarding the Preferred Vendor field in Product and Services items?A. You can add more than one preferre
Ivanshal [37]

Answer: B. You can create a new vendor from the product/service information screen

Explanation:

The statement that is true regarding the Preferred Vendor field in Product and Services items is that can create a new vendor from the product/service information screen.

Other statements given in the question such as adding more than one preferred vendor to each product/service item and Preferred vendors must be assigned to utilize Price rules are not true.

Therefore, option B is the correct answer.

3 0
3 years ago
The Web 2.0 revolution has changed the way businesses communicate with consumers and within their own organizations. Podcasts, w
LuckyWell [14K]

Answer:

The answers are, a) To document internal workflows and processes and c) To build professional networks

Explanation:

The wiki is a collaborative work tool. It is a website that can be modified by its users in a simple way and that allows information to flow within the company. Among the main advantages are: its flexibility, the ease with which it can be used and its low cost. In the company, the wiki is an excellent tool for sharing knowledge, encouraging participation in company projects, in which each user can add, edit or correct specific pages. In the company, the wiki facilitates the creation of content collaboratively and allows the information to be shared in a structured way.

The wiki as storage space and for sharing accessible information, such as project calendar, meeting balance, file sharing and working documents and description of products and services. Wikis are easy to install and learning to use is very fast. All works on the same document. This prevents the sending and forwarding of information by mail and allows the content on a common support to all, which can be corrected and reorganized by all. The wiki allows you to gather virtually, in a common project, collaborators who organize at a distance.

6 0
4 years ago
ohn, 68, is currently enrolled in a Medicare Supplement Plan with a stand-alone Prescription Drug Plan. Newly diagnosed with a c
Liono4ka [1.6K]

Yes John would be able to register by making use of the special election period.

<h3>What is the special election period?</h3>

The special election period is also sometimes referred to as the special enrollment period in the United States.

This is the period that the beneficiaries of Medicare are able to make changes to their advantage or to their coverages in the nation.

This has to be done outside of what is their initial enrollment period . This is a yearly open period where the citizens are able to sign up for Medicare in the nation.

Read more on Medicare here:

brainly.com/question/1960701

#SPJ1

7 0
2 years ago
The employability skills referred to as data literacy is best defined as:
vladimir1956 [14]

Answer: C. The ability to learn a concept and then appropriately apply the knowledge in another setting to achieve a higher level of understanding

Explanation:

Data literacy is the ability to read, work with, analyze, and argue with data.

It is, however, not similar to the ability to read the text since it requires certain skills involving reading and understanding data.

Employability skills are core skills and traits needed in nearly every job. They are soft skills that allow you to work well with others, apply knowledge to solve problems and fit into any work environment. They also include the professional skills that enable you to be successful in the workplace.

7 0
3 years ago
Read 2 more answers
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