Answer:
measures the value that a buyer places on a good.
Explanation:
A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks, etc.
Willingness to pay measures the value that a buyer places on a good or product. Thus, when this value is high, the customer would ultimately buy a product and vice-versa.
Answer:
The advantages of using secondary data are several, but its main advantage is that it is the cheapest way to gather large sets of information. A lot of secondary data is available on the internet, so it is time saving. Using secondary data saves work, efforts and money.
We can also use secondary data to determine more specifically which primary data we need to gather, again saving resources.
Answer: Secondary data
Explanation: In simple words, the data that is collected by someone and is used by someone else is called secondary data. Government reports and surveys by other such organisation are two of the many examples of secondary data.
In the given case, Sandra collected information for her future business from the published research reports. She did not collected data from a census conducted by herself.
Hence, from the above we can conclude that the correct option is B.
Answer: Production possibility frontier (PPF).
Explanation: PPF is curve on a graph which depicts the situation which you have asked in a question. For your ease i will upload a picture of that curve so that you can understand the answer better. For better understanding the graph below uses the example of Cotton as a good.
