A reason why there is more competition among restaurants than among large discount department stores is that restaurants
A) have more elastic demand for their product compared to department stores.
B) unlike department stores, do not have significant economies of scale.
C) unlike department stores, have to abide by government sanitation rules.
D) have to cater to a variety of consumer tastes while department stores do not.
B
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Agriculture is the primary occupation in Agraria and agricultural products account for two-thirds of Agraria's gross domestic product
How will a sharp fall in the price of agricultural products affect Agraria's economy if the demand for such products is price-inelastic?
________ are costs that, once committed, can never be recovered and should not affect current and future production costs
A) Opportunity costs B) Marginal costs C) Sunk costs D) Variable costs