Answer: The efficient outcome is to have the security system installed. After the meeting the security system will <em><u>be installed</u></em>, which illustrates the <em><u>free rider problem.</u></em>
Free rider is the burden on resource which is been shared, the problem is created by its usage or over-exploitation by individual who aren't paying their fair share.
∴ Here Tom is a free rider. i.e. He is willing to pay $100 where he should've paid $250.
A competitive market refers to a market where there is no monopoly of producers of goods and services, therefore, competition is high because they all have mission to satisfy the wants of a large consumers.
The characteristics of a competitive market are:
- Homogeneity of product: The product are made by different producers and encourages competition.
- There are existence of many buyers and sellers in the market.
- There is an access to derive perfect information on price of a product at any outlet in the market.
- There are no charges for transaction costs in a competitive market
- No barriers to entry into or exit.
In conclusion, there is no producers which can affect the market price through its supplying rate because there are excess supply of similar product in the market.
Learn more about competitive market here
<em>brainly.com/question/7024827</em>
Answer:
recovery
Explanation:
There is one framework for each of the five mission areas wich are Prevention,protection, mitigation,response, and Recovery
Hope this helped you!
Option C
An increase in the real wage would result in a: movement along the labor demand curve, causing a decrease in the number of workers hired by the firm.
<u>Explanation:</u>
The wage rate is circumscribed by the crossing of supply and demand for labor. The demand curve depends on the marginal product of labor and the cost of the good labor originates.
A variation in the wage or payroll will end in a shift in the amount necessitated of labor. If the wage rate increases, organizations will require to hire fewer employees. The quantity of labor demanded will decline, and there will be a movement skyward on the demand curve.
Answer:
Participation is needed to obtain necessary commitment
Explanation:
Decision Making Process is a process of Evaluation of various alternatives available through several methods like forecasting.
During evaluation, risk, time and the efficiency of these alternatives are checked.
Team-centred decision making style is preferable when;
1. Relevant information and how to go about issues cannot be not properly arranged by one person
2. Participation is needed for commitment
3. Making one individual as the central power hurts the team
4. If an uncommon decision is to be made
