When quantity supplied equals quantity demanded, the market is said to be in equilibrium, and the market is cleared. At this point, there is no excess quantity demanded or excess quantity supplied in the market. Thus, the correct option is B.
In an equilibrium situation, the price of the good or service is determined by the intersection of the supply and demand curves. At this price, the quantity supplied by producers is equal to the quantity demanded by consumers. Therefore, there is no surplus or shortage in the market, and all the goods produced are sold.
When the market is not in equilibrium, either a surplus or a shortage will occur. In the case of a surplus, there is an excess quantity supplied in the market, meaning that producers are supplying more goods than consumers are willing to buy at the prevailing price. This leads to downward pressure on prices until the market is cleared.
In the case of a shortage, there is an excess quantity demanded in the market, meaning that consumers are willing to buy more goods than producers are supplying at the prevailing price. This leads to an upward pressure on prices until the market is cleared.
In summary, when quantity supplied equals quantity demanded, the market is in equilibrium, and the market is cleared. This means that there is no excess quantity demanded or excess quantity supplied in the market, and the price of the good or service is determined by the intersection of the supply and demand curves. Thus, the correct option is B.
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Answer:
Complementary goods
Explanation:
Complementary goods are goods that are demanded for together or consumed together. If the demand for one of the complementary goods increases, the demand for the other good increases and vice versa.
If the price of coffee increases by 10%, the demand for coffee and doughnut would fall according to the law of demand.
I hope my answer helps you.
Answer: A sales lead is a person who shows interest in purchasing a product.
Explanation:
A sales lead is known to be an individual who is interested in purchasing a good and will later become a customer to the company. There are different means by which a company can get a sales lead which include: advertising, direct contact with customers and so on.
Answer:
a. Compute the output if the capital investment is $125,000 and the size of the labor force is 1,331 worker-hours.
Q(K, L) = 120K²/³ x L¹/³
Q(125,1331) = 120 x 125²/³ x 1331¹/³ = 120 x 25 x 11 = 33,000 units
b. What will happen to the output in part (a) if both the level of capital investment and the size of the labor force are cut in half
Q(K, L) = 120K²/³ x L¹/³
Q(62.5,665.5) = 120 x 62.5²/³ x 665.5¹/³ = 120 x 15.75 x 8.73 = 16,499.7 units
To solve the problem, substitute the given values for capital and labor into the function equation to find the output. Then, cut those values in half and do the process again to establish how the output changes.
To solve this problem, first we must understand the function provided: Q(K, L) = 120K^2/3 L^1/3. In this function, Q is output, K is capital investment, and L is labor force.
For part (a), we substitute K with 125 (since K is in units of $1000 and capital investment is $125,000), and L with 1331:
Q(125,1331) = 120(125)^2/3 (1331)^1/3
Solve this equation to find Q, which is the output.
For part (b), if both capital and labor are cut in half, we substitute K with 62.5 and L with 665.5 into the equation, and solve for Q again to find out how the output changes:
Q(62.5,665.5) = 120(62.5)^2/3 (665.5)^1/3
Finding the solutions to these calculations will provide you with the answers to both parts of your problem.
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Answer: Concentrated targeting strategy
Explanation:
The concentrated targeting strategy is one of the type of marketing strategy in which the typically adopted by the different types of small firms which contain limited resources for the production of various types of products and the services in the market.
According to the given question, the Tennot Inc., is basically using the concentrated targeting strategy based on the given scenario for achieving the desirable goals of an organization as it helps in developing the marketing mix and target to the low financial income or resources company.
Therefore, Concentrated targeting strategy is the correct answer.
Answer:
Yes, Sarah is liable for the $5,000 bill since she ordered the supplies and signed the contract using her own name.
She is responsible for the money owed to the medical supply facility, but if this purchase practice was common and happened before, she can also demand that the former partners pay her back.