Avon pays its sales personnel a commission for every sale they make. Which economic principle is Avon trying to apply? Group of answer choices A)People face trade-offs B)Trade can make everyone better off C)Markets can make everyone better off D)People respond to incentives

Q: According to the invisible hand principle, competitive markets generally O bring the self-interest…

A: Competitive market: - it is a market condition where there are many buyers and many sellers in the…

Q: Place the statements in the appropriate category as they refer to deadweight loss. True False A…

A: Deadweight Loss: Deadweight loss is the cost that is being borne by the society created by the…

Q: Question 8 If your wage increases from $10 per hour to $15 per hour, then your Group of answer…

A: Opportunity cost refers to the next best alternative forgone

Q: Surplus-value creates a further advantage for capitalists because:   A. Capitalists are able to…

A: as we know that labour and capital are two important factor in production . labour gets wage and…

Q: The demand curve indicates the consumer behaviour while the supply curve indicates the willingness…

A: The six condition that can distort the market equilibrium 1. Taxes  2. Subsidy  3. Price Floor  4.…

Q: Option is gains value by producing less X / gains value by producing more X / is producing the…

A: The economics as a result is based upon the idea that the resources which the economies, or the…

Q: An economically efficient level of smoking:   a. means people would not smoke   b. occurs at the…

A: Externalities:-  Externalities are circumstances where the impact of producing or consuming products…

Q: which statement is correct If a good is not being produced by sellers with the lowest cost, then…

A: Profit Maximization level: The level of production that maximizes the profit of the firm or the…

Q: Hamad is a biochemistry student who is considering taking an extra course in French. An incentive…

A: The individual is doing the course in Bio-chemistry and the individual is taking an exam additional…

Q: Two of the most fundamental findings in welfare economics describe the relationship between markets…

A: Pareto efficiency, also known as Pareto optimality, is an economic condition in which resources…

Q: Which one of the following occurs in capitalistic economy? a. Means of production are owned by the…

A: Capitalism is defined as an economic system which is characterized by private ownership of the means…

Q: When a good is rival, Group of answer choices one person's use of the good diminishes another…

A: A good either be rival or non-rival in nature.  A good is non-rival in nature when the consumption…

Q: Dear tutor, please solve these True/False Questions. Thank You! Can it be efficient for one trader…

A: 1. False Reason It isn't workable for a merchant to have a relative benefit in all merchandise.…

Q: Economics film is a film genre concerned with themes and topics that fall broadly the umbrella of…

A: The science that tends to deal with distribution, production as well as consumption of services and…

Q: The market mechanism that yields an efficient outcome tries on all of the following actions EXCEPT…

A: The market mechanism leads to an efficient outcome when the producers and consumers maximize their…

Q: Statement I: The Economic Entity theory holds that people have unlimited wants but limited…

A: The concept of Scarcity is discussed in given statements where we have to make choices because of…

Q: People scalping tickets for the Super Bowl will be successful at selling the tickets for a profit…

A: Please find the answer below.   SCALPING: Scalping is a trading strategy geared towards profiting…

Q: Which of the following characterizes a competitive equilibrium? Markets are rationed. Economic…

A: Competitive equilibrium: Competitive equilibrium is an economic condition where the producers having…

Q: Discuss the concept of homoeconomus with adequate examples. How does it help create an equilibrium…

A: The subject that includes the discussion about the allocation of scarce resources among all the…

Q: Pearl Market Scenario: You go on vacation for 14 days to an island in the middle of the ocean that…

A: The supply(ss) curve represents the direct relation b/w the price(P) and the qty(Q). This curve will…

Q: A price floor that interferes with the market equilibrium will be price set below the market…

A: Price floor is the economic situation where the price is below or above the set equilibrium price…

Q: Economies of scope refers to the idea that economic value created increases with the amount of the…

A: There are two different economic concepts, economies of scale and economies of scope.

Q: Economists describe a choice as: Group of answer choices A. a tradeoff B. human C. limited resource…

A: Resources are limited in every economy but the wants of humans are unlimited and never ending. To…

Q: Californian farmers are able to sell as many avocados as they want   Question 31 options:   as…

A: We can assume that the market for avocados in California is perfectly competitive in nature, given,…

Q: If there is only one buyer and one seller meeting to exchange, then any price that they agree upon…

A: In economics, capitalist economy is the one where every individual seeks to maximize his/her own…

Q: You may use curves, schedules or economic theories and principles to justify your answer.  1.…

A: In the production process, the conditions and fluctuations that happen between demand and also the…

Q: According to economists, economic self-interest:         is a reality that underlies economic…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: Which of the following statement is incorrect? Group of answer choices An increase of the price of…

A: Law of demand states that there exists negative relationship between price of the given good…

Q: Which of the following is an example of an incentive? A. Purchases from a store earn the buyer…

A: In the broadest sense, an incentive is anything that encourages someone to do something. When it…

Q: Select ONE major political issue (pandemic, trade, environment, or international relations) and…

A: Partisans in politics or the military are entirely dedicated to their cause. This expression…

Q: A competitive equilibrium is Pareto efficient because at the competitive equilibrium, A) prices have…

A: The correct option is  B) there are no further gains from trade.

Q: What are the advantages of a market economy as compared to a command economy

A: Market economy is a type of economy in which the private businesses control economic matters.…

Q: When a good is divided up, it is important that none of the good go to waste."  This statement…

A: option 5 is the right answer Efficiency  good is divided up it is is important that none of good to…

Q: In economics, the __________ problem occurs when those who benefit from resources, goods, or…

A: Public goods are defined as those goods which are both non excludable and non rivalrous in nature.…

Q: Which of the following is not correct? Group of answer choices The value of the economist’s language…

A: The value of the economist’s language lies in its ability to provide you with a new and useful way…

Q: Discuss the concept of resistance to change in organization, by (a) specifying the forms that…

A: a. Forms of resistance1. Passive form of resistance to Change:  In this type of resistance, people…

Q: There are two industries in a circular city. Each industry produces a good for export and the export…

A: Given,  Rent is defined as a surplus which results from advantages such as capitalization. It…

Q: Show how could Market equilibrium be affected if the level of Technology is not used on effective…

A: Market equilibrium: Market equilibrium is an economic situation in which the the prices are quantity…

Q: Alec and Ellie are the only detectives in the town of Broadchurch. Assume efficient production. Each…

A: In this question we have to find out the lowest price trade between Alec and Ellie with the help of…

Q: Thinking on the margin can be correctly described as a _____. A. process that helps maximize total…

A: Thinking on the margin means to think about the next step forward. The word “marginal” in economics…

Q: Consider the following grading system for a hypothetical economics class: At the end of the semester…

A: Economic System can be defined as the method used by the society for the production and distribution…

Q: As opposed to general equilibrium analysis, partial equilibrium analysis looksa) at an equilibrium…

A: In economics, the equilibrium refers to state of unchanged economic behavior and maximum benefit…

Q: According to the ‘Porter’s Five Forces model’, all of the following are the factors that affect the…

A: Porter's Five Forces model is one of the significant approaches to understand a market because it…