Question

In: Economics

1- Competition among entrepreneurs will result in Select one: a. Workers getting paid higher wages than...

1- Competition among entrepreneurs will result in

Select one:

a. Workers getting paid higher wages than otherwise due to better alternative employment opportunities available.

b. Consumers paying higher prices than otherwise, due to increased cost.

c. Entrepreneurs making higher profits than otherwise due to increased efficiency.

d. Less product innovation than otherwise due to increased cost pressures and lower research budgets.

Solutions

Expert Solution

Solution:-Option A is correct.

a. Workers getting paid higher wages than otherwise due to better alternative employment opportunities available.

Explaination:-Competition among entrepreneurs will result in Workers getting paid higher wages than otherwise due to better alternative employment opportunities available.Of course, competition isn't all good. While using the presence of threatening rivals to focus and motivate employees, you also have to make sure your competitors aren't going to steal your customers. Meanwhile, you'll be doing everything you can to grab sales from your rivals. Step one in both of these processes is to identify and know your competitors.Determining exactly who is your competition is pretty easy. Companies that offer the same or similar products as you do may be competitors. If their geographical market areas overlaps with yours and their price points also resemble yours, it's almost a certainty they're competitors.


Related Solutions

An example of income payment is wages. These are paid to exchange for: Select one: 1....
An example of income payment is wages. These are paid to exchange for: Select one: 1. Investment 2. government spending 3. consumer spending 4. human resources
What is the final outcome for workers in a monopsony? Select one: a. Workers are paid...
What is the final outcome for workers in a monopsony? Select one: a. Workers are paid more and more workers are hired b. Workers are paid more, and fewer workers are hired c. Workers are paid less, and fewer workers are hired d. Workers are paid less, and more workers are hired
(principles of microeconomics) provide four reasons why some workers receive higher wages than other workers? explain...
(principles of microeconomics) provide four reasons why some workers receive higher wages than other workers? explain two factors which shift the demabd for labour and two factors which shifts the supply of labour. explain why the value of the marginal product curve for labour is also the demand for labour curve in a perfcetly competitive labour market
Economics of labor The Postal Service answers that it must pay higher wages than workers could...
Economics of labor The Postal Service answers that it must pay higher wages than workers could get elsewhere in order to keep the quitrate below average. Is the postal office right and why?
the higher the anticipated inflation rate, ... a. the more workers will ask for in wages...
the higher the anticipated inflation rate, ... a. the more workers will ask for in wages and the more firms will agree to pay b.the more workers will ask for in wages and the less firms will agree to pay c. the less workers will ask for in wages and the less firms will agree to pay d. the higher the real wage increases offered by firm e. the higher the real wage increases asked for by workers
workers with higher levels of education tend to earn higher wages. given the individual’s discount rate,...
workers with higher levels of education tend to earn higher wages. given the individual’s discount rate, the present value of the benefits of the investment are greater than or equal to the present value of the costs of the investment. The internal rate of return associated with the investment is positive. All of these. QUESTION 32 Holding all else constant, workers in industries that pay higher wages have lower quit rates. This finding is consistent with the view that quits...
1. The wage paid to workers is ________ than marginal revenue product and _______ than marginal...
1. The wage paid to workers is ________ than marginal revenue product and _______ than marginal resource cost for a monopsonist in equilibrium. less; less less; greater greater; less greater; greater 2. Farmer A and B share a farm and are equally good at their job; however, Farmer B does not like to wake up early, the long hours, or working in bad weather. Fortunately, Farmer A does not mind these drawbacks. The $50,000 annual salary is just enough to...
Net wages of 24,000 are paid to employees. Which account is debited? Select one: a. Cash...
Net wages of 24,000 are paid to employees. Which account is debited? Select one: a. Cash b. Net wages control A business invoices customers for fees, giving credit of 30 days. Which account is the debit entry posted to? Select one: a. Accounts receivable b. Accounts payable A telephone bill is received by the business for 500. Which account is the debit entry posted to? Select one: a. Telephone expense b. Accounts payable A deposit of 1,500 is received from...
Wages of $12,000 are earned by workers but not paid as of December 31. Depreciation on...
Wages of $12,000 are earned by workers but not paid as of December 31. Depreciation on the company’s equipment for the year is $10,240. The Office Supplies account had a $330 debit balance at the beginning of the year. During the year, $4,879 of office supplies are purchased. A physical count of supplies at December 31 shows $538 of supplies available. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies...
Wages of $13,000 are earned by workers but not paid as of December 31. Depreciation on...
Wages of $13,000 are earned by workers but not paid as of December 31. Depreciation on the company’s equipment for the year is $11,560. The Office Supplies account had a $450 debit balance at the beginning of December. During December, $4,967 of office supplies are purchased. A physical count of supplies at December 31 shows $547 of supplies available. The Prepaid Insurance account had a $5,000 balance at the beginning of December. An analysis of insurance policies shows that $3,000...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT