To an economist, scarcity means that at a zero price, the quantity of a good available is insufficient to satisfy everyone's wants, which is option c.
To an economist, scarcity means that at a zero price, the available quantity of a good is insufficient to meet people's wants. Therefore, the correct answer to the student's question is: c. at a zero price, the available quantity of a good is insufficient to meet people's wants.
Scarcity is a fundamental concept in economics that arises because human wants for goods and services exceed the available supply. Supply is limited due to the limited availability of resources, while demand is virtually unlimited. No matter the supply, it seems inherent in human nature to desire more, which forces us to make decisions and to choose between alternatives. This condition of scarcity impacts all aspects of economic decision making.
For instance, consider a parcel of land with various potential uses. If we choose to use the land to build a house, we forego the opportunity to use it for a park, a farm, or a business. This need to decide between alternatives due to the limitation of resources is the essence of scarcity.
Delta inc. moved its entire production operation to the country of xondervan, where the company was free to dump pollutants to the atmosphere. delta inc. is contributing to
In spite of definite customer demand, new products often fail due to:
what did martin luther king jr do as a call for action in birmingham in 1963
Answer and explanation:
Martin Luther King Jr. (1929-1968) was an African American minister and activist who fought for black people's rights. As part of his battle against discrimination, in 1963 he protested against the treatment black people were receiving in Birmingham and the segregation infested in that city. Dr. King and the protestants were part of the boycott against the city's merchants during Easter Season which represents a big shopping season in the town. As a result, Dr. King was arrested and sent to jail but released a week later.
Ewing Marion Kauffman built his successful pharmaceutical company around targeting a _____ the larger pharmaceutical companies avoided because of its distance from their offices
company
country
market
product
Perfect competition and monopoly stand at _____________ of the spectrum of competition. opposite ends the high end the low end the mid-way point
Suppose you are in charge of sales at a pharmaceutical company, and your firm has a new drug that causes bald men to grow hair. assume that the company wants to earn as much revenue as possible from this drug. if the elasticity of demand for your company's product at the current price is 1.4, would you advise the company to raise the price, lower the price, or to keep the price the same? what if the elasticity were 0.6? what if it were 1? explain your answer.
Companies competing with a blue ocean strategy can create an advantage because:
A(n) _____ organization can be best defined as one in which there is very little hierarchy; each employee is multi-talented and has the diverse skills and flexibility to perform a variety of tasks.
Antonio is a 24-year-old professional tennis player. when he's not competing, he works as a coach at a local tennis club.
___________ is a process used to test consumer reactions about a product among potential users.
Test marketing is a process used to test consumer reactions about a product among potential users. It is a test directed in a test market composing of actual situations and stores, with the buyers didn’t know that they are in the middle of an assessment test. It is used to check how a customer reacts to the product.
"what do you think is more important for a good it professional: strong technical skills or strong people skills?"
In what way is becoming a global organization advantageous to a company? managers are presented with fewer challenges in the global environment. political forces that act upon global organizations are predictable and unchanging. global organizations seldom compete for scarce and valuable resources. operating globally can increase an organization's effectiveness and efficiency. operating within the global environment is straightforward and easy.
Becoming a global organization allows for increased efficiency and effectiveness by accessing cheaper production and service delivery markets, talent pools, and new markets. It requires adapting to various cultural and institutional environments and managing a global workforce's complexities.
Explanation:In what way is becoming a global organization advantageous to a company? The primary advantage of becoming a global organization is that it can increase an organization's effectiveness and efficiency. Global organizations find opportunities in leveraging different markets for cheaper production and service delivery. For instance, many companies have shifted manufacturing to countries like China or outsourced software development to India, where companies such as Wipro Ltd. and Infosys Technologies Ltd. have grown significantly. This global approach allows companies to access new markets, tap into diverse talent pools, and realize cost efficiencies. However, it also requires adapting to different cultural and institutional environments, handling the complexities of managing a global workforce, and addressing challenges such as employee stress due to job relocations.
Understanding the role of culture in organizational behavior is essential for navigating the globalized business world effectively, providing firms with a competitive advantage. Large organizations, in particular, can benefit from such globalization through increased specialization and the emergence of synergies from teamwork, fielding a legal identity that can operate across borders more easily than smaller entities.
Goodie, goodie, gumdrops (gggs) is a retail business appealing to pre-teen girls. it carries specialty clothing, accessories, and even food items all manufactured specifically for its stores. gggs has been very successful in the u.s. and it plans to expand into selected international markets. the ____ entry mode would probably be most appropriate for gggs.
Presto company purchased equipment and these costs were incurred: cash price $65,000 sales taxes 3,600 insurance during transit 640 installation and testing 860 total costs $70,100 presto will record the acquisition cost of the equipment as
"partnerships are the most common type of business firms in the world"
When addressing a caller with a highly sensitive and personal issue, it is important to..?
When the economy is in stagflation the price level is falling?
In general, the ex-ante risk-return tradeoff
a. slopes upward.
b. slopes downward
c. is flat
d. is impossible to determine.
John recently accepted a job in the marketing department with the burbank bagel boys. after just a few days on the job, john learned that the company has many layers of management, and seems to have a rule to cover almost every situation. these conditions suggest that burbank bagel boys is a(n):
Based on the scenario above, it suggest that the Burbank Bagel Boys is considered to be a bureaucratic organization of which it is defined as having many layers of management and as well as having extensive reliance in regards with rules and regulations.
Final answer:
Burbank Bagel Boys having many management layers and an abundance of rules suggests it is a bureaucratic organization, which is characterized by a strict hierarchy and numerous governing policies.
Explanation:
John recently learned that the Burbank Bagel Boys has many layers of management and numerous rules, suggesting that it is a bureaucratic organization.
A bureaucratic structure is characterized by a clear hierarchy, a well-defined division of labor, a set of policies and rules to govern operations, and procedures that employees must follow. This type of structure can often provide stability and predictability but might also result in a less flexible environment.
For optimal conditioning, the minimum delay between the cs and us should be
When money is used to express the value of goods and services, it is functioning as a?
what is 4 5/6 minus 5/6 minus 1 1/2 minus 2/3
Net sales are $3495000, beginning total assets are $1412000, and the asset turnover is 3 times. what is the ending total asset balance?
The ending total asset balance can be calculated by subtracting the average total assets from the beginning total assets. In this case, the ending total asset balance is $247,000.
Explanation:To calculate the ending total asset balance, we can use the asset turnover ratio. The asset turnover ratio is calculated by dividing net sales by average total assets. In this case, the net sales are $3495000 and the asset turnover is 3 times. We can rearrange the formula to solve for average total assets:
Average Total Assets = Net Sales / Asset Turnover
Average Total Assets = $3495000 / 3
Average Total Assets = $1165000
Since the beginning total assets are given as $1412000, we can find the ending total asset balance by subtracting the average total assets from the beginning total assets:
Ending Total Asset Balance = Beginning Total Assets - Average Total Assets
Ending Total Asset Balance = $1412000 - $1165000
Ending Total Asset Balance = $24,7000
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The distribution of income in united states is has become _________ than it was before 1990. more equal less equal all the above none of the above
Answer:
The correct answer is letter "B": less equal.
Explanation:
Since 1990 the distribution of income in the United States has been more unequal due to factors like job specialization. Technology is a factor that has boosted this issue because more skilled workers are requested day by day. Those have higher wages than unskilled workers making income distribution disparity increase.
There may be more than one critical path in a project network.
b. if one of the activities on the critical path is delayed, the entire project will be delayed.
c. the critical path is the sequence of activities between a project's start and finish that takes the shortest time to complete.
d. the activities along the critical path determine the completion time of the project.
In what types of stores would you expect to find (a) convenience products, (b) shopping products, (c) specialty products, and (d) unsought products?
a) Convenience products are typically found in stores like convenience stores and supermarkets near the checkout area for impulse buys. b) Shopping products are available in department stores where customers can compare similar items. c) Specialty products are found in specialty stores or high-end department stores and feature unique characteristics or brand identification. d) Unsought products are sold through direct marketing or specialized stores.
Products in stores can generally be classified into four categories: convenience products, shopping products, specialty products, and unsought products. Each type of product is typically found in different locations within various retail environments due to their differing nature and consumer buying habits.
a) Convenience Products
Convenience products are those that are bought often, immediately, and with minimal comparison and buying effort. These items are usually found in convenience stores, supermarkets, drug stores, and gas stations. Examples include snacks, beverages, and toiletries. Because they are often impulse buys, they might be placed near the checkout area or in locations that are easily accessible and highly visible to the customers.
b) Shopping Products
Shopping products are less frequently purchased and customers often compare them on suitability, quality, price, and style. These items can be found in department stores, specialty chains, and electronics retailers. Stores may organize shopping products by category, such as apparel, electronics, or home furnishings, allowing customers to compare similar items.
c) Specialty Products
Specialty products are unique and consumers will make a special effort to search for and buy these products. These items typically have brand identification or unique features and are found in specialty stores or high-end department stores. The stores that carry specialty products might customize their inventories to match regional tastes or offer a broad range of products to cater to the specific desires of their customers.
d) Unsought Products
Unsought products are not well known to consumers or are products that consumers do not normally think of buying, such as life insurance or funeral services. These products can be sold through direct mail, sales visits, or specialty stores that focus on particular unsought products.
The accounting break-even production quantity for a project is 5,850 units. the fixed costs are $27,400 and the contribution margin is $7. what is the projected depreciation expense? $0 $12,836 $12,914 $13,224 $13,550
Deviating significantly from the standard business plan format is a mistake because:
Dry gulch farms hires elliot to repair its irrigation system on site on a certain date for $2,500, but elliot does not show up as agreed. dry gulch hires fernando to do the job for $2,000. dry gulch may recover from elliot
In the context of breach of contract, Dry Gulch Farms does not incur additional costs when hiring Fernando for the irrigation system repairs, as Fernando's charge is less than Elliot's contracted amount. Therefore, Dry Gulch may not recover damages from Elliot based on the contract prices. This highlights the concepts of breach of contract and the mitigation of damages in contract law.
Explanation:When Elliot fails to fulfil the irrigation system repair contract with Dry Gulch Farms, the farm hires Fernando to complete the job at a different price. This situation deals with a breach of contract and the potential damages Dry Gulch may recover from Elliot - notably the difference in contract prices if any, and possibly additional damages resulting from the breach.
However, in this scenario, Dry Gulch hires Fernando for $500 less than the amount agreed with Elliot. Therefore, in strict legal theory, Dry Gulch has mitigated its damages and may not recover the cost from Elliot, since they did not incur additional cost. This situation exemplifies the importance of understanding contract law and the consequences of not fulfilling contractual obligations.
Coca-cola launched coke zero to avoid cannibalizing current sales and to attract new customers in a segment they might not get with diet coke.
a. True
b. False
The statement that Coca-Cola launched Coke Zero to avoid cannibalizing sales and attract new customers in a different segment than Diet Coke is true. Coke Zero's introduction aimed to complement rather than compete with existing products, using Coca-Cola's strong brand presence and substantial advertising to appeal to a wider customer base.
Explanation:The statement is true. Coca-Cola introduced Coke Zero as a strategic move to target a new customer segment that Diet Coke might not be able to capture, without risking the cannibalization of its current sales. By diversifying their product line with Coke Zero, Coca-Cola aimed to offer a product with a taste closer to the original Coca-Cola while still appealing to those looking for a zero-calorie option.
Large advertising budgets play a significant role in establishing a brand and can deter competition. With Coca-Cola and Pepsi having substantial promotional budgets, it is challenging for new entrants to compete in the national cola market. The strong brand identity of Coca-Cola also implies that any new Coca-Cola product is more easily accepted in the market, leveraging its existing brand value rather than dividing it.
When Coca-Cola introduced multiple options like Coke Zero in addition to Diet Coke and its classic version, it actually mirrored a scenario where the strong brand has multiple 'candidates' vying for consumer preference, rather than diluting the overall brand's market share. This multi-product strategy is a way to satisfy a broader range of consumer tastes and preferences.