If it is a binding price floor, when the law is repealed, quantity demanded increases and quantity supplied decreases.
If it is a binding price ceiling, when the law is repealed, quantity demanded decreases and quantity supplied increases.
<h3>What is a price floor and a price ceiling?</h3>
A price floor is when the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Price ceiling is when the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
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Answer:
Correct option is (A)
Explanation:
4 Cs of marketing mix are customer value, cost, convenience and communication. Just like 4 P's of marketing, they focus on customer needs and wants and their perception about products
Macy's is adjusting the customer value element here. Macy's charge high markup on product cost which could be a reason for a customer to consider other alternatives. Macy's however, adjust this by offering discounts to customers who hold Macy's credit card., thereby valuing its customers.
False, this could negatively impact our thinking and output for the situation, thus creating an exponential problem by lowering ones ethical decision making skills.
Answer:
B. Immediately; stored
Explanation:
One primary difference between services and the production of goods is that services are consumed <u>immediately</u> whereas goods can be <u>stored</u>.
There are several differences in production and consumption of goods and services:
- Goods are Tangible as it can be touched, however, services are intangible as it cannot touched but it can realized.
- Goods can be stored for later use, however, services cannot be stored but need to be consumed immediately on real time.
- Goods can be weighed and measured on scale, however, services can evaluated on basis of satisfaction level.
