Answer:
much <em>more </em>likely;
There is only one car dealership in a small town, giving the dealership the ability to influence the price of cars. - <em>Market power</em>
A person smoking in a restaurant emits second-hand smoke that harms other restaurant patrons. - <em>Externality</em>
Explanation:
<u>Property rights</u> are an incentive for individuals to create goods that are needed on the market. In other words, when a discrepancy between demand and supply occurs on a specific market, entities, businesses or individuals that create the goods are motivated to meet market needs through enforced property rights.
On the other hand, when there is a lack of property rights that regulate the market, <em>market failures</em> occur. Two common types of market failures include <em>market power</em> and <em>externalities</em>.
The car dealership example shows <u>market power</u> in practice, as the reigning company can dictate car prices.
The second example shows an externality, as there is evident influence (cost or benefit) on the third party, which they cannot change. People are affected (negatively) by smoke they did not create.
Answer:
1) can grow either more slowly or more rapidly than real GDP.
Explanation:
Real GDP per capita is the result of dividing real GDP by the total population of a country. Real GDP per capita changes are determined by both the changes in the real GDP and the changes in the population.
If real GDP grows at a slower rate than the population, then real GDP per capita will decrease. But if real GDP grows at a faster rate than the population, then real GDP per capita will increase.
For example, real GDP grows at 3% while population grows at 2%, real GDP per capita will grow by 1%. But some countries have positive economic growth and negative population growth, so the real GDP could grow by only 2%, but since the population growth is -1%, the real GDP per capita will grow at 3%.
Answer:
$13,000
Explanation:
Calculation for what The ending balance of the Work in Process Inventory account for the Fabricating Department is:
Beginning Balance 10,000
Add Direct Materials 76,000
Add Direct Labor 24,000
Add Factory Overheads 12,000
(50% *24,000)
Less Work Transferred (109,000)
Ending Balance $13,000
Therefore The ending balance of the Work in Process Inventory account for the Fabricating Department is:$13,000
Answer:
The correct answer is B.
Explanation:
Trade between individuals and between nations leads to: Increased Specialization
Answer: Martha does not have a dominant strategy
Explanation:
A dominant strategy is one that a player can embark on and get the highest payoff regardless of the actions of their competitor.
In this scenario, there is no strategy that Martha can embark on that would provide the greatest payout regardless of Oleg's decision. If Martha advertises, Oleg makes the same amount advertising as well. If Martha does not advertise, Oleg would decide not to advertise as well and make the same amount.
Martha therefore has no dominant strategy as Oleg would make the same amount regardless of which decision is taken.
