Answer:
c) explains why the average total cost and marginal cost curves are U-shaped in the short run.
Explanation:
According to the law of diminishing returns, when one input variable is increased, the result is seen in the increase in the output. At some point in the production, when an additional factor is added, the output increases but in smaller return. One factor remains fixed in the process of diminishing return. The variable factor is increased at any point of production which do not prove much productive.
The framers were insecure, and they doubted the public's ability to be politically capable and make good choices. They were concerned if the public would be able to come up with good political judgments.
A framer refers to a person, group, or organization that creates or frames laws, rules, plans, and systems of an institution. In the given sentence, the question is about the framers of political laws.
The public is sometimes swayed by the masses and also the media. They do not have the power to analyze and see the truth behind the politics of the rulers. Thus, it might be possible that the public might be swayed by some rulers and fail to make an unbiased judgment.
That is why the framers were concerned about the public's capacity to make good decisions.
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Answer:
The correct answer is option A.
Explanation:
Monopolistic competition refers to the market structure where there is a large number of buyers and sellers in the market. These sellers sell heterogeneous or differentiated products in the market.
The firms are price makers and face a downward-sloping demand curve. There is a high degree of competition in the market due to product differentiation. That is why there is little difficulty in an entry into the market.
Because of product differentiation, the firms advertise their products in order to gain market share. So the existing firms in the market compete in quality, price, and marketing.
Answer:
The Contribution margin ratio (CRM) is 78.57%
Explanation:
CRM (Contribution margin ratio), it indicates the percentage (%) of each sales dollar available to cover the fixed assets as well as profits of the company.
The formula to compute the contribution margin ratio (CMR) is as:
CMR (contribution margin ratio) = (Sales - Variable expense) / Sales
where
Sales amounts to $56
Variable cost or expense amounts to $12
Putting the values above:
CRM (contribution margin ratio) =($56- $12) / $56
= $44 / $56
= 78.57%
