Answer: a. Simplification of reality
Explanation: Simplification of reality is an accurate way to describe what a model is all about. It is a simplified representation used to explain the workings of a real world system or event. In business, as company's plan for making a profit, it identifies the products or services the business will put up for sale, it's target audience, including all expenses it anticipates. For new businesses, models help attract investments, to recruit talent, and in motivating management and staff. In all, businesses revisit and update their business plans so they can anticipate trends and changes and propose methods of meeting them in reality.
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I don't really like valentines day, I'm probably just gonna hang out with my friend and play Minecraft ;-;
Answer:
Total Variable Cost, Variable Cost Per Unit
Explanation:
- The increase of the activity is associated with the increase of the total variable costs and costs per the unit and is the sum of the variable cots of each individual product developed and is obtained by multiplying one unit of the variable cost to the products.
Answer:
The correct answer is the option B: clear financial goals and expectations.
Explanation:
To begin with, before a new product is developed a company must follow a precise protocol in which the marketing mix plan is already established and therefore once that the company states the 4Ps of their marketing mix, it establishes the features of the product including characteristics of what it will be and do; the target audience including the costumers' preferences, needs and wants; the distribution channels and the promotion strategy.
To continue, <u><em>the protocol must establishes clear financial goals and expectations</em></u> in order to know how much is available to spend and how much of time will it take to create the product and to obtain the return of investment as well. Therefore, once that the marketing mix is established, the company needs to have in mind their expectations and expenditures.
The reason that firms in perfect competition earn zero economic profit, in the long run, is that b. there are no barriers to entry or exit.
<h3>
What is economic profit?</h3>
Economic profit is the difference between a firm's total revenue and total cost, where total cost includes both explicit and opportunity costs. Economic profit is also known as excess profit or supernormal profit. A firm can earn an economic profit in the short run if it has market power and can charge a price above the marginal cost of production. In the long run, a firm can earn an economic profit if it has a competitive advantage over its rivals. A competitive advantage can arise from a variety of sources, including economies of scale, product differentiation, and the ability to access scarce resources.
In perfect competition, firms can freely enter and exit the market, which prevents any one firm from earning sustained economic profits. If one firm earns profits above the normal level, other firms will enter the market, driving down prices and profits. In the long run, firms in perfect competition earn only enough revenue to cover their costs, and they earn zero economic profit.
It can be concluded that the reason that firms in perfect competition earn zero economic profit, in the long run, is that b. there are no barriers to entry or exit.
To know more about economic profit, check this link:
brainly.com/question/15867127
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