Answer:
a. True
Explanation:
This statement is true as a norm is a widely accepted behavior or standard of doing things that <em>most people</em> in a society/group agree with. '<em>Over half of the group' </em>can be considered as a majority . It is basically an informal guide on what is considered correct or incorrect and is about the behaviors of that aforementioned group.
I believe the correct answer is B. form utility.
This refers to the actual appearance of the product, which is something that only the maker of that particular product can alter or change. Possession utility refers to all the benefits the customer has from that product once they have already purchased it, so the maker doesn't have anything to do with it. Place utility refers to where the product is sold, which again, the maker doesn't decide, but rather the entire company. Time utility refers to when the product is going to be available, which again depends on the company itself rather than the maker.
Answer:
Net Revenue = $4,500
Explanation:
Break Even point in units = 
Here, provided
Break even point = 1,000 units
Contribution = Selling price - Variable Cost = $10 - $7 = $3
Putting these values in above,
We have,
= Fixed cost = $3,000
now when we sell 2,500 units we have
Revenue = 2,500 
$10 = $25,000
Variable Cost = $7 2,500 = $17,500
Fixed cost = $3,000
Net Revenue = $25,000 - $17,500 - $3,000 = $4,500
The difference in the level of consumption of a consumption smoother and a hand-to-mouth consumer based on anticipated increase in income.
- If there is an anticipated rise in income, a consumption smoother will exhibit <u>increase</u> in consumption, and a hand-to-mouth consumer will exhibit <u>no change</u> in consumption.
- Consumption smoothing can be defined as a process of achieving a balance between expenses on today's needs and saving for tomorrow (future). It is used to regulate spending and saving during different phases of life <em>(increase or decrease in income.</em>
- Hand-to-mouth consumer is a consumer who spends all his income on consumption. He doesn't save because he earns low income.
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