According to one source from the internet, the cross-border sales is projected to top $450 within the next 5 years. Cross-border trade is the process of buying and selling of products, selling goods and services between business domestically or in the neighborhood countries.
Is a written promise to pay.
Answer: Option (d) is correct.
Explanation:
Option (d) - Raises the quantity of labor supplied and reduces the quantity of labor demanded.
When a union raises the wage above the equilibrium level, this will lead to increase the quantity of labor supplied because at this wage more labors wants to work and take the advantage of the higher wages.
At the same time, quantity demand for labor decreases in the economy. This is due to the higher wages which increases the firm's cost of production. So, at this wage firm's demand for labor decreases.
Answer:
C.
Explanation:
Price elasticity of demand (PED) measures the responsiveness of demand after a change in the good’s own price.
Demand is relatively inelastic if the quantity demanded changes less than proportionally to the change in price
.
In this instance, total revenue increases following an increase in price.
Inelastic product is highly unresponsive to changes in price.
If the co-efficient of price elasticity of demand <1, then demand is said to be price inelastic i.e. unresponsive to a change in price Price.
Following a change in price, the total revenue earned by the producing firm will depend on the PED for its product.
If the coefficient of PED is <1, a rise in market price (e.g. from P1 to P2) will lead to an increase in total revenue for the seller of the product.
