In competitive market equilibrium, the allocation of the social surplus is such that no individual can be made better off without making someone else worse off.
The phrase "competition equilibrium" refers to an equilibrium condition when the firm's goal of maximising profits and the customers' goal of maximising utility both aspire to reach an equilibrium price as a result of freely determined prices.
According to the theory of competitive equilibrium, the firm's supply of the product is equal to the market's demand for that same amount of the product. It is a circumstance in which neither the buyer nor the seller can strengthen their bargaining position with regard to the goods being sold.
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Answer:
See Below
Explanation:
Expected value is the sum of the products of the probability and payoff of each.
<u>Wager 1:</u>
probability of heads and tails, both is 0.5
Win = 440
Loose = 110
So,
Expected Value = 440(0.5) + (-110)(0.5) = 220 - 55 = $165
<u>Wager 2:</u>
Similar to wager 1
Win = 770
Loose = 220
So,
Expected value = 770(0.5) + (-220)(0.5) = 385 - 110 = $275
2nd wager is better, in this sense.
Answer:
lack of consumer safety
Explanation:
One of the biggest unethical practices that occur during the innovation process is lack of consumer safety. The entire idea of the innovation process is to try and create something truly functional that has not been done before and release it way before any competitor can create a similar product. In this rush to create the product, producers completely ignore many obvious faults that the product may have and/or any dangers it may pose to the consumer as long as the product works as intended.
The product that would most likely shift the aggregate supply curve is the domestic products. The answer is letter A. The aggregate supply curve shows a relationship that is inverse between the price level and the quantity of real Gross Domestic Product (GDP) purchased. This is because it will increase the future demand.
Answer:
B) David will most likely lose the case as it is legal for police officers to be subjected to mandatory retirement.
Explanation:
According to relevant laws, an officer must retire upon attaining the age of 62 of after 20 years of uniformed service (if it is an Early Retirement) or 22 years of uniformed service (if it is a Normal Retirement).
Regardless of whether it is a Normal or Early retirement, the officer must disengage at the age of 62.
The relevant laws which govern the administration of the NYPD retirement process as wells pensions are:
- the Administrative Code of the City of New York (NYCAC);
- the New York State Retirement and Social Security Law (RSSL), and
- the Rules of New York City Police Pension Fund (NYCPPF)
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