Answer:
d) Markets tend to move towards equilibrium as individuals respond to incentives
Explanation:
The equilibrium is the single point where the demand meets the supply. Individuals, tend to move following their own benefit, so if the demand of engineers is bigger than the supply of them, they will be better paid and become easier to find a job...individuals want to find a job with a better pay, so they will decide to major in Engineering.
As the number of engineers increase, the supply will meet the demand of them and the number of jobpostings for engineers will decrease as well as their extra pay meeting the equilibrium point.
Thats how the Markets tend to move towards equilibrium as individuals respond to incentives
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I believe the answer is b
Great question!
Fiat money deries it's value from law or regulation. However representative money derives its value either from a claim on a commodity (gold for example).
However sometimes representative money means it has value higher than what it is made of, ie if you melt it down it is worth less than before it is melted down. In this sense fiat money is a type of representative money
To promote by introducing your product
Answer:
B. An artist becomes an expert at designing websites for
restaurants,
Explanation:
Specialization means focusing on one or very few lines of business. It is concentrating on the products or services that a firm or an individual feels they are best suited. Specialization leads to mastery in the trade or craft that one focuses on.
An artist concentrating on designing websites for restaurants becomes an expert in that business. He or she acquires operational efficiency, which brings his production costs down. The artist will be specializing in website designs for restaurants.
