The service and quality is likely to be better in an industry dominated by perfectly competitive industry.
What takes place in a perfectly competitive industry?In a perfect competition, a lot of firms do produce identical products and also majority of the firms are known to be price-takers.
This industry is one where all firms have a a part of small market share and the buyers are said to know the nature of the product that is said to being sold.
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Which report is constructed immediately prior to preparing the financial statements with the purpose of demonstrating that the accounts balance?.
The report that is constructed immediately prior to preparing the financial statements with the purpose of demonstrating that the accounts balance is called : Adjusted trial balance
What is an adjusted trial balance?Adjusted trial balance is an account prepared that shows the arithmetic accuracy of the ledger. This balance list the general ledger account balances after any adjustments have been made.
An adjusted trial balance include:
Adjustment for prepaid and accrued expenses.DepreciationTherefore, an adjusted trial balance is a report, constructed immediately prior to preparing the financial statements with the purpose of demonstrating that the accounts balance.
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Categorize each of the following characteristics as being either more representative of a traditional organization or a lean organization.
a. Manufacturing plants tend to be organized with self-contained production cells.
b. Maintain greater quantities of raw materials, work in process, and finished goods inventories.
c. Setup times are longer.
d. High quality is stressed in every aspect of production.
e. Produce in smaller batches.
f. Emphasis is placed on shortening manufacturing cycle times.
The above characteristics have been classified as belonging to the traditional or lean organizations as follows:
Traditional - B. Maintain greater quantities of raw materials, work in process, and finished goods inventories.Traditional - C. Setup times are longer.Traditional - A. Manufacturing plants tend to be organized with self-contained production cells.Lean - E. Produce in smaller batches.Lean - F. Emphasis is placed on shortening manufacturing cycle times.Lean - D. High quality is stressed in every aspect of production.Meaning of Lean and Traditional OrganizationsA traditional organization is a business structure that has many workers and departments. They take time to set up and have a large inventory.
Lean businesses, on the other hand, produce in small batches and place emphasis on quality.
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If iowa’s opportunity cost of corn is lower than oklahoma’s opportunity cost of corn, then:.
Answer:
Then Iowa has a comparative advantage.
Explanation:
She if able to produce more corn at a less opportunity cost in comparison to Oklahoma. Therefore it implies that she has an advantage of producing more for less than Oklahoma.
If Iowa's opportunity cost of corn is lower than Oklahoma's opportunity cost of corn, Iowa has a comparative advantage in the production of corn. Hence, Option (b) is correct.
Opportunity cost refers to the value of the next best alternative that must be forgone when choosing one option over another.
If Iowa's opportunity cost of producing corn is lower than Oklahoma's, it means that Iowa gives up less in terms of alternative goods or services when allocating resources to corn production.
By having a lower opportunity cost of producing corn, Iowa can produce corn more efficiently relative to Oklahoma.
This implies that Iowa has a comparative advantage in corn production.
Comparative advantage is based on the concept that countries or entities should specialize in producing goods or services where they have a lower opportunity cost, and then trade with other entities to maximize overall efficiency and welfare.
Thus, if Iowa's opportunity cost of corn is lower than Oklahoma's, Iowa has a comparative advantage in the production of corn.
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If Iowa's opportunity cost of corn is lower than Oklahoma's opportunity cost of corn, then Iowa has a:
A)absolute advantage in the production of corn.
B)comparative advantage in the production of corn.
C) absolute advantage in the production of wheat.
D)comparative advantage in the production of wheat.
Jessica wants to set up a manufacturing unit, so she meets with Rachel, a human resource manager at her company. Rachel explains that in order to decide on the human resource needs for the unit, they should conduct a work flow analysis. She suggests they start by defining the outputs of the process. To do this, what should Jessica define?
In other to be able to conduct a work flow analysis and defines the outputs of the process, she needs to defines the type of products that will need to be manufactured.
What is used to define the products?In a firm, the product mission is a statement that contains a clear and concise idea of its product's purpose.
In conclusion, she needs to defines the type of products that will need to be manufactured.
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Suppose that an economy produces only 2 goods: baseball bats and 2 x 4's. Also, the only input needed
to make these goods is trees. Basically, 1 tree makes 10 baseball bats, and 1 tree makes 20 2 x 4's. If
there are 5 trees in the economy, draw the production possibilities frontier for this economy.
HINT: Put bats on one axis and 2 x 4s on the other axis.
4. Plot any two points on the curve and label them A and B. Then, describe the opportunity cost (what
did you have to give up) by moving from point A to point B. (estimating is ok)
BATS
The production possibilities frontier is 50 baseball bats or 100 2 x 4's.
Production possibilities frontierSupposing that an economy produces only 2 goods: baseball bats and 2 x 4's, and the only input needed to make these goods is trees, and 1 tree makes 10 baseball bats, and 1 tree makes 20 2 x 4's, to determine, if there are 5 trees in the economy, the production possibilities frontier for this economy, the following calculation must be made:
5 x 10 = x50 =X5 x 20 = x100 =XTherefore, the production possibilities frontier is 50 baseball bats or 100 2 x 4's.
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Sharon is the chief marketing officer for a well-known bank. After looking at the
company's sales data, she recognizes that most of the accounts were held by clients
who lived in the neighboring city. She decides she will boost advertisements in the
neighboring city to increase their number of bank accounts. What did Sharon
determine by looking at her company's sales data?
- Revenue
- Target market
- Pricing
- Value proposition
Based on the sales data that Sharon saw, she was able to determine the company's target market.
What is a target market?This refers to the market segment that mostly uses or patronizes the goods and services offered by a company.
In this case, Sharon noticed that their company is usually patronized by clients in the neighboring city. This is therefore their target market as they are the majority market segment using the company's services.
In conclusion, option B is correct.
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How a commitment to a decision could assist a school leaver to adapt to the change of entrepreneurship
The commitment to a decision would help the school leaver to focus on a particular goal of entrepreneurship.
What is entrepreneurship?
This is a term that is used to refer to a business owner who is an innovator who is involved in taking risks for the sake of profit.
In order to focus on the goal of entrepreneurship the person must first try to get the niche that he or wants wants to get into.
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A financial instrument whose value is derived from the value of an underlying asset is called a.
Answer:
This is called A derivative
A historian might argue that the trade described in the passage reflected a turning point in world history primarily because the opium trade:.
The trade reflected a turning point because the opium trade shifted the pattern of historic European trade imbalances with China.
What is trade?Trade simply means the transfer of goods from one entity to another. It's the action of buying and selling.
In this case, a historian might argue that the trade described in the passage reflected a turning point in world history primarily because the opium trade because the opium trade shifted the pattern of historic European trade imbalances with China.
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After the airline mergers, the four remaining airlines had an increased level of market power. For consumers, this meant that they had to pay: a. higher prices, regardless of consumer demand. b. lower prices, regardless of consumer demand. c. the same price because airfares were not impacted by market power. d. higher prices, but only for business class travelers. 2. After the airline mergers, the four remaining airlines had an increased level of market power. For the airlines, this meant that the remaining airlines had a. the power to limit competition. b. the power to choose the best routes. c. the power to perfectly price discriminate. d. the power to set airfares without losing all customers. 3. Why is it more difficult for firms to enter an oligopolistic industry than a highly competitive one
The question is about Oligopoly and consumer demand.
What is an Oligopoly?An Oligopoly is a market situation where there are only a few suppliers of a particular product or service.
A) After the merger, because there is now an Oligopoly, it means that consumers may pay higher prices as market power is now concentrated with the few airlines. Hence, the correct answer is A.
B) It also meant that the airlines now had the power to limit competition. With the loss of competition, consumers may pay higher prices. Thus, the correct answer is A.
C) Usually, the barriers to entry are higher for Oligopoly markets. This is why it is easier to enter a perfect market than an Oligopoly.
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True or false: A company that achieves differentiation parity at a lower cost has implemented a successful cost-leadership strategy.
If a company can achieve differentiation parity at a lower cost then it would have implemented a cost leadership strategy. This is therefore true.
What is a cost leadership strategy?This refers to when a company aims to incur lower costs to produce goods than its competitors.
If differentiation parity is achieved, it means that the company was able to produce unique goods which are equal to those of the competition at a lower cost. This is cost leadership.
In conclusion, this is true.
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After the manager and employee work together to set the employee’s objectives, what is the next step of mbo?.
The next step after setting objectives is to assign or cascade those objectives to the team members or employees.
What are the other steps in the MBO process?After assigning the objectives to the employees (usually through a line manager), the next steps are to:
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How do earn money? I want to have 70,000 by the end of the year so I can buy my mom something nice, and buy some things I need for school
Answer:
You could try dropshipping or manufacturing a product of some sort.
Explanation:
However, these things don't always go well.
The property of society getting the most it can from its scarce resources is called.
Answer:
Efficiency.
Explanation:
Steve watches an ad for a brand of soda that portrays people surfing and having a party on a beach. Steve now associates the soda with fun and exciting people. In the context of consumer attitudes, Steve's behavior is an example of _____.
Answer:
Steve's behaviour is an example of comparing certain things to certain attitudes and seeing a relation between them.
Explanation:
Could someone help me with my homework?
Question: What is management in business?
Thank you!!
Answer:
Management, as named, is the job of managing a corporation, organization, or business of any kind. Someone in the management position might have jobs such as staffing, planning, organizing, and being a leader among their employees. There is a lot of work put into it; the managers main job is to oversee work and make sure things are running smooth.
Please paraphrase if you are using this answer for an assignment :]
The all-benefits approach to CVP involves ______. identifying and promoting all the advantages of the product closely following the competition emphasizing how the product is different from the competition focusing on what the customer likes about the product
Cost-volume-profit (CVP) analysis looks at the impact that varying levels of sales and product costs have on operating profit. Hence the benefit is:
focusing on what the customer likes about the productUses of CVPIt is used to determine whether there is an economic justification for a product to be manufactured. A target profit margin is added to the break-even sales volume, which is the number of units that need to be sold in order to cover the costs required to make the product, to arrive at the target sales volume needed to generate the desired profit.Therefore, the correct answer is as given above.
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Who owns mutual savings institutions? the stockbrokers who buy and sell shares the individuals who deposit money in the institution the US government the FDIC
Mutual savings banks are owned by their depositorrs and run by and a self-perpetuating board of directors similary to federal savings and loan associations.
Food Tiger Inc. is a large chain of hypermarkets. It has cost benefits due to its extensive operation. The company's marketing and sales, logistics, administrative, and other such related costs get divided between a large number of product units stocked in its stores. This makes it difficult for smaller retail stores and supermarkets to compete against Food Tiger's low prices. Thus, Food Tiger has a competitive advantage due to its
Because its extensive operation makes its difficult for smaller retail stores to compete against their price. hence, Food Tiger has a competitive advantage due to its economies of scale.
What is an economies of scale?An economies of scale refers to the cost advantages that a firm gains when its production becomes efficient because of its spread of costs over a larger amount of goods.
In conclusion, the Food Tiger firm has a competitive advantage because of its economies of scale.
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The state of Texas recently saw a gasoline price increase of 5%, which brought about a fall in the quantity of gasoline purchased of 1%. The price elasticity of demand is equal to _____, and demand is described as _____.
The price elasticity of demand is equal to 0.2, and demand is described as inelastic.
What is the price elasticity of demand?
Price elasticity of demand measures how quantity demanded changes when there is a change in the price of a good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
Demand is inelastic when the price elasticity of demand is less than one.
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he _____ includes activities such as order transmission, order receipt, order processing, order preparation (picking and packing), and order shipment.
The order-to-cash process is made up of activities such as order transmission, order receipt, order processing, order preparation, etc.
What is order to cash?Order to cash which is known as OTC or O2C is described as a method that includes a set of business processes that entails the receiving and fulfilling customer requests for a specific goods or services.
The order-to-cash process is made up of all steps from when a customer is said to place to the time the order is paid.
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When making a large purchase, you should avoid everything except _______________________.
Suppose you are planning a summer vacation and book a hotel room online for $149 a night. However, when you get to the reservation screen, you are informed that you will be charged an additional $30 a night in various taxes that you have to pay to the hotel.
Indicate whether each of the given factors is likely to raise the economic burden of the tax for you or for the hotel. (for each of the following)
i- A hurricane recently ravaged the area, resulting in many vacancies at competing hotels.
ii- There are many other hotels in the area
iii- It is the peak of tourist season
iv- The hotel has unique architecture and is considered a historical landmark.
Answer:
iii
Explanation:
Most of the time hotels will charge more when more rooms are booked, so when you book your hotel room, and many rooms are booked, most people do get charged more.
A hurricane would raise the burden of tax on the hotel.
The availability of many hotels would raise the burden of tax on the hotel.
The peak of tourist season would raise the burden of tax on you.
As a result of the hotel's architecture, the burden of tax would raise on you.
What does the burden of tax mean?
Economic burden of tax refers to who pays more tax between the buyer and the seller. The economic burden of tax depends on the elasticities of demand of the consumer and the elasticities of supply of the supplier.
The party between the supplier and the consumer that has a more elastic demand or supply would bear less tax burden and the party that has a less elastic demand would bear more tax burden.
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___________________ are enacted when discontented sellers, feeling that prices are too low, appeal to legislators to keep prices from falling.
PLEASE HELPPPP
Strawberry sells bicycles. One bicycle sells for $85, and the cost to produce a bicycle is $65. What is Strawberry's return on investment (ROI)?
ROI = (Total Return – Amount Invested)/Amount Invested
= Net Profit/Amount Invested
Remember to multiply the result by 100 to convert to percentage
Hint: Your answer will have one decimal point and make sure to type the % symbol!
Example: 15.3%
Based on the amount the bicycle was sold for and the cost to produce, the return on investment was 23.5%.
What was the return on investment?This can be found by the formula:
= (Total Return – Amount Invested)/Amount Invested x 100%
Solving gives:
= (85 - 65) / 85 x 100%
= 20 / 85 x 100%
= 23.5%
In conclusion, this is 23.5%.
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Answer:
30.8%
Explanation: i took the test, see screenshot below
Many economists believe that the trend toward greater wage inequality across the u. S. Economy was primarily caused by _____________.
The inequality across the u. S. Economy on greater wage inequality was primarily caused by the new technologies.
What is wage inequality?Wage inequality refers to the difference in the distribution of income among individuals, groups, populations or countries. It is a measure that highlights the gap between different individuals' or households' disposable income in a particular year.
Causes of wage inequality are:
Technological changeGlobalizationThe decline of unionsThe eroding value of the minimum wageHence, the inequality across the u. S. Economy on greater wage inequality was primarily caused by the new technologies.
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A farmer has developed a new type of fertilizer. This new fertilizer costs 20
percent more to produce than the old fertilizer but has better results: The
same land now produces 25 percent more crops each year.
Which statement best describes one way the farm will be affected by using
this new fertilizer?
A. The farm's opportunity cost for using fertilizer will increase.
B. The farm's opportunity cost for using fertilizer will decrease.
C. The farm's marginal cost for fertilizer will increase.
D. The farm's marginal cost for fertilizer will decrease.
Answer: A
Explanation:
Answer:
The farm's marginal cost for fertilizer will increase.
Explanation:
You are putting together your first post-graduation budget. Your take-home pay will be $2,500 per month. You estimate your monthly costs to be rent of $800, car payment of $350, car insurance $150, car maintenance of $50, entertainment of $500, food expense of $250, mobile phone of $75, student loan payment of $225, and other expense of $300. How would you describe your budget after analyzing all of your income and expenses
Based on your pay and expenses, your budget can be described as having a deficit of $175.
Why is your budget a deficit?Deficits occur when expenses are greater than income. The deficit here can be found as :
= Income - Rent - Car payment - Car insurance - Car maintenance - Entertainment - Food - Mobile phone - student loan payment - Other expense
Solving gives:
= 2,500 - 800 - 350 - 150 - 50 - 500 - 250 - 225 - 300
= -$175
In conclusion, the budget has a deficit of $175.
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Abigail Jones was on trial for fraud and embezzlement. Her criminal conduct had resulted in hundreds of senior citizens losing their entire retirement investments. She was convicted by a twelve-member jury, nine of whom were over the age of sixty. If Abigail Jones's attorney were to file an appeal claiming the trial violated the Sixth Amendment, which specific provision would likely apply
Answer:
The right to a trial by an impartial jury
Explanation:
The marketing research process contains multiple steps. The first step of the process is: _____________
a. Establishing the need for marketing research.
b. Defining the problem.
c. Establishing the research objectives.
d. Determining methods of accessing data.