If the world price increases relative to domestic prices, there will be fewer imports and increased exports of the given product because it would be cheaper to buy the domestic version and companies would make more selling the product on the international market.
Answer:
A
Explanation:
Price elasticity of supply measures the responsiveness of quantity supplied to changes in price of the good.
Price elasticity of supply = percentage change in quantity supplied / percentage change in price
If the absolute value of price elasticity is greater than one, it means supply is elastic. Elastic supply means that quantity supplied is sensitive to price changes.
Supply is inelastic if a small change in price has little or no effect on quantity supplied. The absolute value of elasticity would be less than one
The short run is a period where all factors of production are fixed. In the short run, a firm would continue to produce if price is above average variable cost. If this is not the case, it would shut down
The long run is a period where all factors of production are varied. It is known as the planning time for a company
Supply is more elastic in the long run than in the short run because the producer can make adjustments in the long run
Answer: Grapevine
Explanation:
Dissemination of information or conversations in an informal way in an organization.
False. Capitalism is an example of a free-trade economy. I'm pretty sure that is Socialism.
I think the correct answer from the choices listed above is option D. The statement that would best describe cost-benefit principle would be that an action should be taken if the benefit of taking it is greater than the cost. Hope this answers the question. Have a nice day.
