Explain determining the types of the various products
Explain determining the types of the various products that will be produced?
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Consumer sovereignty is the key to determining the types and quantities of the various products that will be produced. “Dollar votes” for a product when purchases are made and “dollar votes” against a product when products are ignored will determine which industries continue to exist and which individual products survive or fail.
Why private goods are produced through the market?
What is the opportunity cost of attending college? In 2000, nearly 80% of college-educated Americans held jobs, whereas only about 40% of those who did not finish high school held jobs. How might this difference relate to opportunity costs?
When a world famous concert pianist is as well the world's fastest short order cook, he would most likely gain the most financially through devoting: (i) Full time to frying burgers (ii) Full time to piano practice and concerts. (iii) Half-time cooking and half-time p
One early involvement of Adam Smith to the theory of gains by international trade, although later thoroughly revised and refined through David Ricardo, was the conception of: (1) mercantilism. (2) absolute advantage. (3) comparative a
Question: Do raising tax rates necessarily raise tax revenue? What factors affect how tax revenue changes when tax rates change? Using the 'human capital' investment model,
Marrying the one you love involves opportunity costs, mainly since: (i) being married limits your freedom to marry someone else, and you should also consider making someone else happy while making decisions which affect both of you. (ii) two can live
According to the advocates of free trade and World Trade Organization, each and every country potentially advantages from trade liberalization and the lowering of tariffs since each and every country: (1) Has a comparative benefit in something. (2) Ga
Please help me to solve the problem of economic that is given below: Economists describe economic costs as like: (w) money outlays. (x) accounting cost. (y) opportunity cost. (z) v
Transaction costs tend to be decreased, prices to consumers are classically stabilized and lowered, and economy-wide efficiency is generally improved through: (1) rigid wage and price controls. (2) central planning that fosters monopo
How can we calculate Price earnings ratio?
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