Answer: The income effect
Explanation: The income effect refers to the effect on the purchasing power of the consumer when his or her income level changes.
In the given case, Natalie was price conscious and used to buy lower priced goods with the objective of saving money. When her income rises she starts buying expensive goods as her purchasing power increases with increase in income.
Hence from the above we can conclude that the correct option is A.
Pet care salons, skin clinics, and day care centers are all examples of businesses operating in the <u>service industry</u>.
Service industry is an industry in the part of the economy that creates services rather than tangible objects. These service industry provides a service but does not produce anything.
The industries based on service are an important part of society for a variety of reasons, including- delivering essential services to the public. Pet care salons, skin clinics, and day care centers are all examples of businesses operating in the service industry. These services too generate income.
Hence, service industry play an important role in society.
To learn more about Service industry here:
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Answer:
The answer is: 14,400 different production sequences are possible
Explanation:
For this calculation I will assume that the first 5 operations can be made in any order, as well as the last 5.
For the first set of machining operations, since they can go in any order, you choose one operation and then you have 4 operations left, then you choose another operation and you have 3 operations left, then you choose another operation and you have 2 operations left, you choose another option and you have only 1 operation left. This process can be expressed by the following equation: 5 x 4 x 3 x 2 x 1 = 120 possible different combinations. Mathematically it can also be expressed as 5! = 120
The same for the last 5 assembly operations, you have 5 x 4 x 3 x 2 x 1 = 120 possible different combinations.
So to get the total possible combinations of all the process, we just multiply 120 x 120 = 14,000 or 5! x 5! = 14,400
Answer: Option C
Explanation: In simple words, a product refers to an entity that that could be tangible or intangible and is produced by the manufacturer for satisfying the wants of its customers.
Hence anything that is offered to the market and has the ability to satisfy the needs of specified individuals will be classified as a product.
Thus, the correct option is C.
Answer:
decrease and average total cost to increase
Explanation:
Based on the information provided within the question it can be said that in this scenario we would expect Joe's output to decrease and average total cost to increase. This is mainly due to the fact that Joe's Juice Shop is in a monopolistically competitive market meaning that one company controls and dominates the entire market which will ultimately put Joe's Juice Shop out of business.
