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What is the name of the fundamental law of capitalism based on the theory that abundance creates cheaper prices and scarcity leads to expensive prices?
Law of supply and demand.
Does monopoly have math in it?
It's not all based on math, but there is a little math involved, as you're dealing with prices and money.
What is Competitors pricing method?
A way of determining prices based on what competitors are selling their products for.
Kayla is making choices based on?
scarcity.
What is the pricing method that establishes selling prices based on a stipulated rate above total production costs is?
Gross Margin Pricing
The federal government's licensing of broadcasting is based primarily on?
The scarcity of broadcasting frequencies
What if Potato crops in Idaho have been damaged by plant disease causing a scarcity of potatoes in the market. What is the most likely effect of the scarcity?
If potato crops in Idaho suffer damage from plant disease, resulting in a scarcity of potatoes in the market, the most likely effect would be an increase in potato prices due to reduced supply. Consumers may face higher costs for fresh potatoes and potato-based products, leading to potential decreased consumption. This scarcity could also impact related industries, such as food processing and agriculture, potentially resulting in economic ripple effects within the region.
Do flight prices change based on the frequency of your searches?
No, flight prices do not change based on the frequency of your searches.
Which object is likely to have the most value based on the concept of scarcity?
flower plant or a basket of oranges
What correctly illustrates how prices serve as signals to consumers?
Prices serve as signals to consumers by conveying information about the scarcity and demand for products. When prices rise, it indicates increased demand or limited supply, prompting consumers to either reduce their consumption or seek alternatives. Conversely, lower prices signal that a product is more abundant or less in demand, encouraging consumers to purchase more. This price mechanism helps consumers make informed decisions based on market conditions.
How does economics work to determine the allocation of resources in society?
Economics determines the allocation of resources in society through the forces of supply and demand. When resources are scarce, individuals and businesses make choices about how to allocate them based on their needs and preferences. Prices play a key role in signaling the scarcity of resources and guiding decision-making. In a market economy, prices adjust based on supply and demand, leading to the efficient allocation of resources to where they are most valued.
When an animal is selected based on its offspring what is the selection method by?
when an animal is selected based on its offspring, the selection method is by what
