Answer:
7/16
Explanation:
Opportunity cost is the cost of the alternative forgone. It is also called the real cost. It is a concept in economics developed due to the fact that wants are unlimited but the resources available to meet the wants are limited. Hence a scale of preference would be drawn up for the wants in order of importance.
If the family can afford either 80 cans of beans or 35 frozen pizzas, the cost of a can of beans in terms of frozen pizza is 35/80 frozen pizza while the cost of a unit of frozen pizza in terms of beans is 80/35.
As such, the opportunity cost of one can of beans in terms of frozen pizza is 35/80 which is 7/16 in the lowest term
Answer:
The correct words for the blank spaces are (<em>in that order</em>): low; high; opportunity; reservation.
Explanation:
For buyers and sellers to benefit from a transaction, the price of the goods or services offered must be at equilibrium. It implies the price is low enough for consumers to consider purchasing the product and high enough for producers to offer it earning a profit.
Besides, producers should consider their opportunity costs which are the costs of adding one more unit for production. On the other side of the road, consumers consumer their reservation price which is the maximum amount of money they could pay for a good or service based on the value they give to the product.
Answer:
Option C.
Explanation:
In terms of making sales, Closing is a term that is used to refer to the moment when a customer decides to make the purchase.
There are numerous closing techniques, and the minor-point close is one of the techniques.
The minor-point close is the technique whereby the salesperson tries to intentionally gain the agreement of the customer or prospect on a minor point, and then uses it to assume that the sale is closed.
This technique is exemplified in the scenario presented above. Edward has concluded that Kristy wants to buy the black car, just because she has agreed that she liked it.
Answer:
phases in the sequence of Recession, trough, expansion and Peak
Explanation:
we know that 4 phases of a business cycle are
peak and downturn (recession) and trough and upturn (expansion)
top of cycle is called peak
and boom is a very high peak
recession where conomic activity is falling from the peak
and when decline persist for more than 2 consecutive quarters that is recession
and The bottom of the recession is trough
so we know business cycle is a economic model that describe fluctuation in economic activity
and that includes production of goods and service and business cycle go through its phases in the sequence of Recession, trough, expansion and Peak
answer:oa.
Explanation:
its just oa its the definition
