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3 years ago

In a competitive market, the quantity of a product produced and the price of the product are determined by:

Business

1 answer:

almond37 [142]3 years ago

4 0

Answer:

All buyers and sellers

Explanation:

A competitive market is a market where there are lots of producers who produces goods and service hence compete with one another with a view to providing and supplying goods and services that suits the needs of consumers.

In a competitive market, there are no barriers to entry and exit. Also, there are many buyers and sellers, hence there is adequate information about the price of a product. There are also no cost attached to transactions, undifferentiated products and both buyers and sellers determines the quantity of a product produced and the price of the product.

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A bottleneck is an operation that has the lowest effective capacity of any operation in the process. True/False

LUCKY_DIMON [66]

Answer:

True

Explanation:

Yes, it is very true that a bottleneck is an operation that carries less effective capacity of any operation in the method. If its output is less than market demand then the process with the least capacity is also known as bottleneck.

So, by the above explanation we can easily judge the statement provided in the question is absolutely true and correct.

6 0

4 years ago

We opened the doors to Data Driven Donuts last year. What type of analysis tells us how we performed the first year?

sweet [91]

Answer:

Descriptive

Explanation:

Any company,business or organization that want to know how well they performed in the first year of their business or first year of operation will have to make use of DESCRIPTIVE ANALYSIS reason been that this type of ANALYSIS will help to collect data, analysed and summarize the data in details in order to interprete and present the data in a more useful way.

Therefore the type of analysis tells us how we performed the first year is called DESCRIPTIVE ANALYSIS

8 0

3 years ago

A falling price level is called ________ and a fall in the rate of inflation is called ________.

Ivanshal [37]

A falling price level is called deflation and a fall in the rate of inflation is called disinflation.

Inflation is the fee of built-in integrated costs over a given period of time. Inflation is generally an extensive measure, built-ing of the general built-in boom built-in fees or the built-increase integrated built-inside the integrated value of built-inlivbuiltintegrated integrated a country.There are 3 built-in causes of integrated nation: call for-pull built-inflation, fee-push integrated nation, and 7fd5144c552f19a3546408d3b9cfb251 built-inflation.

Inflation is a degree of the fee of built-integrated expenses of goods and offerbuiltintegrated integrated economic system. Inflation can occur when charges rise because of built-integrated integrated built-in integrated prices, together with raw materials and wages. A surge in built-in demand for products and services can cause built inflation as customers are integrated to pay more for the product.

Learn more about Inflation here: brainly.com/question/8149429

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3 0

1 year ago

Why do some companies choose to have payroll processed by external service companies rather than do it themselves?

SSSSS [86.1K]

There are standards for payroll that are government mandated, including very strict control procedures, and with the transactions occurring very frequently, it causes payroll processing to be repetitive. Many companies find it cost-effective to outsource the process for payroll reports and paychecks. Hope this helps:)

5 0

3 years ago

The unemployment rate that is consistent with full employment is known as ___________.

Alex73 [517]

Answer:

Natural rate of unemployment.

Explanation:

Unemployment rate is one the major economic indicators used to measure the performance of an economy. Unemployment describes the situation where persons who are willing, ready and able to work cannot find one. To track the number of persons in this category , economists compute the unemployment rate.

There are three types of unemployment.

1. Frictional unemployment: The length of time for which people remain out of jobs as they transit from one job to another. In other words, landing a job is not instantaneous; it takes time.

2. Structural unemployment: this occurs when there are changes in the methods and processes by which goods and services are produced. Here, people remain out of jobs because there is now a mismatch between the skills they possess and that required by employers due to changes in the economy.

For example, the adoption of technology to automate production would mean some factory workers losing their jobs.

3. Cyclical unemployment: This associated with movements of the real output( real GDP) around the long run full employment level. This fluctuation is referred to as business cycle- either a boom or a recession

Where people are without jobs due to recession(negative output growth), it is called cyclical unemployment.

Natural rate of unemployment is the sum of the frictional and structural. It is the unemployment rate where an economy is achieving the full employment output. The full employment level of output is the amount of real GDP achieved where an economy is operating using all of its productive resources efficiently

Actual rate of unemployment represents the amount of unemployed people at particular point in time. it is determined by dividing the number of people unemployed by the labour force.

Relationship between Natural rate and Actual rate of unemployment.

Where an economy is operating at the full employment level of output the actual rate of unemployment is equal to the natural rate. However, during recession the actual rate is higher than the natural rate, but less that the natural rate during a boom. Cyclical unemployment increases the actual unemployment rate above the natural rate during recession.

It is important to note that there will be some amount of unemployment rate even if the economy is operating at the efficient level- i.e the full employment output.

The unemployment rate that is consistent with full employment is known as natural rate of unemployment

7 0

3 years ago