This form of production that operates on supply and demand is the <u>market economy.</u>
<h3>Facts about the market economy </h3>
- Is controlled by forces of supply and demand.
- Citizens are allowed to own the means of production.
The warehouse Daveed works in is privately owned and they seek supply based on the demand for their goods.
This is in conclusion, a market economy.
Find out more on the market economy at brainly.com/question/1659498.
Answer:
$5,200,000
Explanation:
We know that
Cap rate = Net operating income ÷ Purchase price of the property
where,
Cap rate is 6.25%
And, the net operating income on the property is $325,000
So, the purchase price of the property would be
= $325,000 ÷ 6.25%
= $5,200,000
We simply applied the above formula to find out the purchase value of the property
Answer:
True.
Explanation:
A flat demand curve for a particular product indicates that the product is very sensitive to a change in the price level and on the other hand, a steeper demand curve indicates that any change in the price level doesn't have a effect on quantity demanded or have a little impact.
Elasticity of demand refers to the responsiveness of quantity demanded with any change in the level of price of the product.
The demand for these products is more elastic because a slightly change in the price level of a product will result in a large change in the quantity demanded for that product.