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Given that a product is sold in a competitive market and the product is not a basic necessity, its price and demand are likely: a
Given that a product is sold in a competitive market and the product is not a basic necessity, its price and demand are likely:
a. Independent
b. Dependent
c. It depends on how many competitors there are.
d. There is not enough information provided to determine this.
5 Which of the following criteria can be considered in economic decision making?
a. Maximize Profits
b. Minimize Costs
c. Minimize the time required to meet objectives
d. Minimize environmental impacts
e. Maximize quality and safety
f. Only a. and b.
g. All of these can be considered economic decision making criteria.
6 Variable costs are those that vary with respect to:
a. Price Charged
b. Volume or Demand
c. Interest Rate Used
Expert Solution
1). The product sold in a competitive market which is not a basic product the price and quantity demanded for the product will depend on the number of available competitors in the market. The answer to above is option (c).
2). Economic decision making is a process of analyzing the factors (like internal and external), and making a conclusion based on the analysis. This conclusion becomes the plan of action is known as economic decision making. The answer to above is option (g), all the above.
3). Variable costs is the cost incurred that varies with the quantity of products produced. It is the cost of producing each additional unit. The answer to the above is (b), that is cost which varies on volume and demand.
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