Answer: b) lower in long-run equilibrium than in short-run equilibrium.
Explanation:
A self regulating economy will try to move to the long run Equilibrium.
From the graph attached you will notice that the Price Level at the point where the Long Run Curve intersects with the Aggregate Demand curve is lower than the point where the Short Run Supply curve intersects with the same Aggregate Supply.
This means that Prices in the long term at equilibrium will be less than prices in the short term at Equilibrium should the Economy be a self regulating type that will move towards a long term Equilibrium.
Answer:
Price rises and demand is elastic
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded.
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
If Price falls and demand is elastic, total revenue would increase because Quanitity demanded would rise.
If Price falls and demand is unit elastic, there would be a proportionate change in quantity demanded and total revenue would remain unchanged.
If Price rises and demand is elastic, total revenue would fall because Quanitity demanded would fall.
If Price rises and demand is inelastic, total revenue would rise because there would be no change in quantity demanded
The statement above is FALSE.
During later project stages, .........................., the culture of the project is LESS conducive to making changes in work progress.
When a project is drawing to a close, it becomes relatively difficult to make important changes to the project plan. At this stage, any change in plan that is effected will be much costly compare to if the change has been made in the earlier stages.
<h2>Humbert <u>High internal </u>locus of control</h2>
Explanation:
Let us understand the term internal locus of control.
Internal locus is having a high belief on oneself. The term can be explained in deeper saying, a person belief himself that he is sole responsible for the result which is derived from his own action.
For eg:
Every person would be expecting his school results. So depending on the result like pass or fail, a person with high internal locus believe that, he has done well so he got pass, or he has not prepared properly so he failed.
Answer:
- Purchase of large-scale machinery to mold each case.-<u> Major Equipment
</u>
Major equipment are large scale type assets.
- Purchase of cleaning fluids for maintaining manufacturing equipment - <u>Supply </u>
Supply goods are bought to enable the company maintain their equipment.
- Purchase of accounting services for tax preparation - <u>Business Service</u>
They are services purchased to maintain the business.
- Purchase of bulk plastics to be molded into cases - <u>Raw Materials</u>
These are the commodity goods that will be used to make finished products.
- Purchase of multifunction laser printers for office use - <u>Accessory Equipment </u>
Accessory equipment are light in nature but are still needed to help in the operations of the business.
- Purchase of leather straps to be fastened to finished cases - <u>Component Part</u>
- Purchase of plastic glues to attach decorations to finished cases - <u>Process Material</u>
These are products that will be used in the production process.
