The correct answer is C) Both A&B
<span>a. allowing top managers to make decisions, because the other 3 answers could all fall under the first answer. organizations are designed from top down. This makes a. the best answer.</span>
Private costs and external costs are separated by economists. Private expenses are those incurred by the company manufacturing the item. Someone not connected to the transaction is responsible for external expenses. The contrast between private and external advantages is the same.
<h3>What do you mean by private costs?</h3>
Any expense that an individual or business incurs to purchase or create products and services is referred to as a private cost.
This covers the price of labor, supplies, equipment, and everything else that an individual or business pays for.
Any adverse impacts or injury brought on as a result of the production are not included in the private cost.
Driving a car has several personal expenditures, including gasoline and oil, maintenance, depreciation, and even the amount of time the driver spends behind the wheel.
Private expenses must be considered when making decisions about production and consumption since they are paid for by the company or the customer.
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Answer:
B. An artist becomes an expert at designing websites for
restaurants,
Explanation:
Specialization means focusing on one or very few lines of business. It is concentrating on the products or services that a firm or an individual feels they are best suited. Specialization leads to mastery in the trade or craft that one focuses on.
An artist concentrating on designing websites for restaurants becomes an expert in that business. He or she acquires operational efficiency, which brings his production costs down. The artist will be specializing in website designs for restaurants.
Using the DMP Model the factor that determines a consumer’s decision to search for work are:
- The labor force, titled as Q.
- The payoff gotten from home production.
- The payoff gotten as a result of searching for market work.
<h3> What factor determines a firm’s decision to post a vacancy? </h3>
They are:
1. The cost that one gets from posting a vacancy, k
2. The wage rate which the suppose firm would pay, w
3. The outcome or the output that worker will make, z, etc.
Note that in DMP model, if a worker and firm are matched, the factor that determines the wage paid to the worker is the equation of :
w = a(z-b) + b,
Where a(z-b) = Share the worker will get from the total share as a result of the bargain, based on the worker's bargaining power.
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