What are a few ways that e-commerce has impacted transactions throughout the years?
Ans:
E-commerce has made the transaction easy throughout the years because it has reduced movement as all transactions can be done from home or offices through the internet; customers can place their order and pay via the site account and wait for goods on delivery. E-commerce has also enabled transaction globally at lower prices since most people can make there order across the border on the platform hence increasing sales which lead to relative pricing.
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Refer to the table above. ________ has the comparative advantage in making pies and ________ the comparative advantage in making cakes. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. Julia; Martha B. Martha; Julia C. Julia; Julia D. Martha; Martha
If the price is below the equilibrium price,
A) there is a surplus. B) there is a shortage. C) the supply curve will shift rightward. D) the supply curve will shift leftward. E) the demand curve will shift leftward.
Which of the following is not a consideration when attempting to eliminate a free rider problem or tragedy of the commons problem?
A. The social costs must be realized by the individual. B. Something must be done to alter individuals' trade-offs. C. Market participants must internalize the value of the externality. D. Firms must be forced to provide the good or service at a price that is below profit maximizing price.
Which of the following properly matches the owner of a resource with the corresponding payment?
a. Land owners and rent b. Entrepreneurs and interest payments c. Laborers and profit d. Entrepreneurs and rent e. Capitalists and salaries