You should prioritize your first customer since they are entitled with your full attention being the one who availed your service first. You can ask the second customer if she can wait. But if the second customer would be so persistent, you can ask permission from the first customer if she is not in a hurry and that you would entertain the second customer first.
Answer:
The definition of proprietorship is the state of owning a business or holding property. The major drawback or a proprietorship is that there is no separation assets and personal assets.
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The company must: hike the factor prices to hire additional employees, a monopolist's marginal factor cost curve is above its labor supply curve.
<h3>What is a marginal factor
cost?</h3>
Marginal factor cost is the increment in the additional factor of production that leads to the increase in the one-unit amount.
It is showed in unit like the labor has worked ten per unit in the given period of time.
Thus, its labor supply curve.
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Answer:
Opportunity cost
Explanation:
Dictionary Definition: the loss of potential gain from other alternatives when one alternative is chosen.
Related back to your question opportunity cost fits this definition.