Answer:
The answer is: Supply curves must reflect all costs of production, and demand curves must reflect consumers´ full willingness to pay.
Explanation:
The characteristics of a competitive market are:
- Many buyers and sellers
- Companies make a similar product.
- Both buyers and sellers have access to perfect information about price.
- No transaction costs.
- No barriers to entry into or exit from the market.
Theoretically if all of the above conditions occur, profit maximizing companies will combine with utility maximizing consumers, and markets will tend to produce efficient outcomes.
Answer: Integrated Communications Unit
Explanation: The Integrated Communications Unit is one of the NIMS characteristics that allows units from diverse agencies to connect, share information and achieve situational awareness.
The Integrated communications unit includes:
1. The “hardware” systems that transfer information.
2. Planning for the use of all available communications frequencies and resources.
3.The procedures and processes for transferring information internally and externally.
Communications needs for large incidents may exceed available radio frequencies. therefore, other communications resources like cell phones or secure phone lines can be the only communications methods used to coordinate communications and to transfer large amounts of data effectively.
Answer:
Correct option is (a)
Explanation:
GDP or Gross domestic product includes monetary value of all goods and services produced within a country. It includes all private and public investments and exports less taxes and imports.
Option b, c and d are incorrect as GDP accounts for only domestic production and not foreign activities. Details about how income is distributed is not given by GDP. GDP provides details about economic condition of the nation. GDP does not indicate wholesome well being of the nation like human development, infant mortality and standard of living.
GDP accounts for factory production but does not account for any production carried out at the cost of environmental degradation.
Answer:
Paul is not maximizing his utility because MUd/Pd is greater than MUb/Pb
Explanation:
Marginal utility is the extra satisfaction derived from spending an additional unit of money on consuming a particular product or service.
In order to determine if he is maximizing his utility, we must calculate his utility per dollar, and this is done by dividing his Marginal Utility by the price.
Marginal Utility per dollar of DVDs is:
MUd/Pd = 23/11 = 2.09
Marginal Utility per dollar of books is:
MUb/Pb = 5/3 = 1.67
Utility is maximized when MUd/Pd is equal to MUb/Pb and Paul has exhausted his budget.
A relatively inexpensive item that merits little shopping effort, is called Convenience product.
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What is the Product?</h3><h3>
</h3>
Product refers to the finished goods or the material that has been converted from the raw material to fulfill the needs of the customer. There are four types of product i.e. convenience goods, shopping goods, specialty products, and unsought goods.
Convenience product is that type of the product which can be purchased with the minimal efforts because it is cheap in value and can be purchased frequently.
In the above case, Carolina picks up the toothpaste which is the example of the Convenience product.
Learn more about Convenience product here:
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