he automobile replaced the horse and buggy for everyday transportation. Electronic downloads of music replaced compact discs. Both situations are examples of: allocative efficiency. productive efficiency. creative destruction. rent seeking.
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he automobile replaced the horse and buggy for everyday transportation. Electronic downloads of music replaced compact discs. Both situations are examples of:
productive efficiency.
creative destruction.
rent seeking.
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- The definition of Product Possibility Frontier is The graph which indicates the various production possibilities of two products when resources are fixed. The graph that shows the highest amount of money a person can make over a period of time. The graph that shows how supply and demand works. The graph that tells us how well an economy is doingEconomics is the study of how a society manages its resources toThe Principle of Diminishing Marginal Returns means what? the more a good is consumed, the lower the average benefit from consumption. the more of a good that is produced, the greater the benefit of the last good to the supplier. the less of a good that is produced, the greater the average productivity of inputs. The more of a good that is produced, the lower the productivity of the last input to production. the more of a good that is produced, the greater the marginal productivity of the last input.
- If an economy is producing the mix of goods and services that society wants, this is an example of Question options: Productive efficiency. Allocative efficiency. Technical efficiency. Mechanical efficiency.Explain Theory of production, and Theory of cost. Analyze the business, using at least a two-dimensional graph and pie chart or bar chart for illustrations. Let us say you adopt the demand/supply theories. Then tell us about demand/supply of one of the business’ products over a range of product prices, letting us know the strengths and weaknesses of the product and steps to improve its competitiveness.Recent years have seen the introduction of Uber and Lyft, which enable customers to find a ride using an app on their smartphone. In many cities, the two services undercut traditional taxi fares, leading to phenomenal growth. Uber and Lyft are best described as the a. marketing concept. b. sharing economy economic model. c. environmental marketing model. d. customer lifetime value model. e. sustainable marketing model.
- In economics, an organization that produces a good or service is called a company. firm. business. All of the above are correct.There are only a few restaurants near a tourist attraction. These restaurants would mail discount coupons to local residents nearby and they find that this could help them earning more profits. Explain the economic principle behind this.To be efficient, outputs should be produced that minimize total cost. True or false
- Final Year Exam: Economics 3 of 24 The definition of Product Possibility Frontier is The graph which indicates the various production possibilities of two products when resources are fixed. The graph that shows the highest amount of money a person can make over a period of time. The graph that shows how supply and demand works. The graph that tells us how well an economy is doingDescribe and explain a case in which the market does not allocate an efficient amount of resources.True and false statements (Justify your Statement with reason). i. The term imperfect competition refers to every market structure besides pure competition. ii. The demand curve for a purely competitive industry is perfectly elastic, but the demand curves faced by individual firms in such an industry are down sloping. iii. Fixed costs are costs that change directly with output. iv. Normative statements are expressions of facts.