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13. In a market system, how are the terms of exchange established? a. Consumer advocacy groups establish fair prices for items,

yuradex [85]

The forces underlying supply and demand interact to determine the market price.

<h3><u>Explanation:</u></h3>

The persons involving in the activities of trading comprises the market system. It includes sellers, buyers and others involved in trading process. They also includes the buyers, consumers, producers who are the major players of the market system who determines the economic activity in it.

The supply and demand law is the major determinant of the production of goods and services in a market economy. The natural resources, land, capital and labor are the supplies. The purchasing power of the government, consumers and business are the demands. The forces underlying supply and demand interact to determine the market price.

3 0

3 years ago

Alice worked for Fountain Valley, Inc., a corporation that manufactured baby supplies. According to her employment contract with

earnstyle [38]

Question Completion with Answer Options:

A. Yes, according to the terms of her contract.

B. Yes, according to the duty of good faith and fair dealing.

C. No, according to the at-will termination provision in her contract.

D. No, because subsequent conduct of the parties modified the contract.

Answer:

Fountain Valley, Inc. and Alice

B. Yes, according to the duty of good faith and fair dealing.

Explanation:

Alice is entitled to the bonus of $10,000 because the duty of good faith and fair dealing requires Fountain Valley not to deny Alice the benefits arising from their valid contract. Since Alice's employment contract included a 5% bonus of all sales in excess of the previous 12 months' sales, the Fountain Valley, Inc. should not deny Alice's claim to the benefits.

b) Employment contract terms = $78,000/year plus 5% bonus of all sale in excess of the previous 12 months' sales. The value of sales in 2017 is $200,000 more than in 2016. 5% of $200,000 = $10,000. Therefore, Alice is entitled to the bonus.

8 0

3 years ago

A lack of trust between two parties engaged in international trade is exacerbated by the narrowing distance between the two part

jasenka [17]

<span>A lack of trust between two parties engaged in international trade is exacerbated by the </span><span>problems of using an underdeveloped international legal system to enforce contractual obligations. When a strong internal legal system is put place, there is a better chance for trust to be held in trading. When doing international trade both parties need to understand their roles and responsibilities and hold up to the end of the deal. Without trust it's likely the two countries will stop trading with one </span>another.

6 0

3 years ago

Why do markets exist?

FinnZ [79.3K]

Answer:

The correct answer is *to provide a place for people to trade goods and services

Explanation:

trading can be simply described as the act of exchanging values between parties.

a market is a place where the sellers and buyers meet and trade, in which the buyers buy what they need and want from the sellers at a price both of them can agree upon.

8 0

3 years ago

You work for a firm producing fitness equipment. You have been told that the demand curve for the firm's main product, a mult

kirill115 [55]

Answer:

b. quantity with price as the explanatory variable because the demand curve is linear.

Explanation:

A linear demand curve can be defined as the graphical representation of the relationship between the quantity of goods or services that are being demanded by the consumers and the price of the goods or services at a specific period of time.

Generally, the x-axis of the graph is used to represent the price of the goods or services while the y-axis of the graph is used to represent the quantity of goods or services that are being demanded by the customers at a specific period of time.

In this scenario, You work for a firm producing fitness equipment and have been informed that the demand curve for the firm's main product, a multi-station home gym, is linear. Also, you have been provided with price and quantity data obtained from focus groups and have been asked to run a regression of revenue on price.

Hence, a linear functional form can properly be used to estimate quantity with price as the explanatory variable because the demand curve is linear.

Additionally, according to the law of demand, as the price of a particular product or service increases, there will be a decrease in the quantity that is being demanded by the consumers.

4 0

3 years ago