Answer:
By conducting primary research using unbiased panellists, entrepreneurs can gain the latest information about the consumer's wants and needs, allowing them to adapt their product or service accordingly and gain a competitive advantage.
Explanation:
Answer: B. Jean
Explanation:
Having Absolute Advantage in the production of a good means that you can produce more of that good given the same resources or at least the same Quantity as others given lower resources.
From the scenario above therefore, Jean has the Absolute Advantage in producing Cakes as Jean can bake 12 cakes in an hour while Vincent can only bake 10.
Answer:
The equilibrium number of firms is 20.
Explanation:
Q = SH × b
= 2,400 × (1/20)
= 2,400 × 0.05
= 120
Also given, Q = S / n
120 = 2,400 / n
n = 20
Answer:
The statement is false
Explanation:
Non- essential expense is the expense which is spent on the extra things, which means it is not essential to meet the needs. Whereas the essential expense are those expenses which are spend on consuming the things required for living. For example food, cloth.
So, both the expenses are those expense which are necessary for an individual or person and therefore, cannot be reduced in order to produce the more savings.
By paraphrasing, an individual is:
ANSWER C. Putting another person's idea into different words or context
