Answer: The Statement A. is FALSE.
Explanation: The National Response Framework explains how, at all levels, the nation effectively manages the all-hazards response, is the FALSE statement.
The United States National Response Framework is essential to the National National Security Strategy, it helps to give all domestic response partners a response to disasters and emergencies.
There are different kinds of market. The option that is not a reason perfect competition is a useful simplification, despite the diversity of market types we find in the world is that;
- There are many buyers and many sellers in all types of markets.
<h3>What leads to perfect competition?</h3>
Firms are known to be in perfect competition due to;
- When many firms produce identical products.
- When there are plenty buyers available to buy the product, and and also plenty sellers are available to sell the product, etc.
Firms are said to be in perfect competition when a lot of firms produce the same type of products and also these firms can do business in the market without any kind of restrictions.
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Answer:
Explanation:
U(C, L) = (C – 100) × (L – 40)
(a) C = (w - t)[110 - L] + 320
C = 10[110 - L] + 320
C + 10L = 1420
where,
C- consumption
w - wages
t - taxes
L - Leisure
(b) Given that,
L = 100 then,
C = 420
= 5.33
(c) L = 110
C = 320
Reservation wage:
= 3.14
(d) At optimal level,
C - 100 = 10L - 400
C - 10L = -300
C = 10L - 300
Using budget constraint:
C + 10L = 1420
10L - 300 + 10L = 1420
20L = 1720
L* = 86 and C* = 560
Answer: (B.) <u><em>If the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good.</em></u>
Explanation:
A producer will only sell goods and services if the consumer is willing to pay as much as the asking price. i.e. The price that the producer is asking. For this to happen the consumer's willingness to pay must be greater than the minimum price.
Therefore , the trade will take place if <u><em>the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good.</em></u>
Answer:
1.5 cars
Explanation:
Three employees can produce a total of:
= 4 × 3
= 12 cars in an hour.
Five employees can produce a total of:
= 3 × 5
= 15 cars in an hour
So, the increase in total product of labor as I increase the labor from 3 to 5 employees:
= Total product when 5 employees are hired - Total products when 3 employees are hired
= 15 - 12
= 3 cars.
So, the marginal product of moving from 3 to 5 workers:
= 3 ÷ 2
= 1.5 cars
