Answer: a. $39,304
Explanation:
Let us begin by calculating the yearly phone bill.
$63 per month so that is
= 63*12
= $756
A total of $756 per year is spent on the company phone.
Kailynn buys 4 sample kits at $235 per kit.
= 235*4
= $940 in total for the kits last year.
Add the two figures to get her total expenditure from the company.
=940+756
= $1696
Subtract this from her total job benefits,
=$41,000 - $1696
= $39,304
$39,304 was her total employment compensation.
An increase in capital stock would: cause a movement to the left along a stationary production function. cause a movement to the right along a stationary production function. shift the production function upward. shift the production function downward.
Answer:
shift the production function upward
Explanation:
The production function refers to the input and output relations i.e means if the number of inputs are used so the maximum output could be produced
The production function is
Q = f(L, K)
where,
Q represents the quantity
f represents the factors
L represents the labor
K represents the Capital
If there is an increase in capital stock, the production function is also increases i.e the movement is upward keeping other things constant
Extremely low-incidence studies, such as trying to survey the automobile buyer characteristics of astronauts are usually not feasible. A marketing research firm concerned about the feasibility of such a project would probably:
a. see if the information already exists
b. first conduct a pilot survey
c. conduct a focus group
d. determine whether or not the question can be answered
e. all of these
Answer:
The correct answer is D
Explanation:
Feasibility analysis is the analysis which is used in order to determine or state the viability of the project like ensure the project is legal and economically justifiable and technically feasible.
In short, it states that the project is worth or not the investment. So, when the studies indicate the low incidence, then the firm is concerned regarding the feasibility of the project, that it would probably determine or state whether or not the questions could be answered.
Gammy Corporation provides services with a normal price of $800,000 and a trade discount of $100,000. Terms are 2/10, n/30 and the customers pay within 10 days. The net service revenue is:______.
Answer:
$686,000
Explanation:
net service revenue = gross revenue - discount for early payment
gross revenue = total sales price - trade discount
gross revenue = $800,000 - $100,000 = $700,000
net service revenue = $700,000 - 2%($700,000) = $700,000 - $14,000 = $686,000
Match the vocabulary term with the correct definition.1. Economies of Scale:_______.2. Financial Capital:______.3. Franchise:______.4. Grant:______.5. Depository Institution:______.6. Not-for-profit organizations are:_______.
Answer:
1. Economies of Scale:
This is a proportionate saving in costs gained by an increased level of production.
2. Financial capital:
This is any economic resource measured used by entrepreneurs and businesses to buy what they need to make their products or to provide their services.
3. ·franchise:
This is a type of license that a party (franchisee) acquires to allow them to have access to a business's proprietary knowledge, processes in order to allow the party to sell a product or provide a service under the business's name.
4. Grant:
This is finance which may be given externally
5. A depository institution:
This is a financial institution in the United States that is legally allowed to accept monetary deposits from consumers usually banks
6. Not-for-profit organizations :
These are organizations that are set up to provide public services for the benefit of the society not to make profit
The units in beginning work in process inventory plus the units in ending work in process inventory must equal the units transferred out of the department plus the units started into production. T/F
Answer:
False
Explanation:
The beginning units plus the units started in production equals units transferred out plus ending work in process.
Beg Units + Units Started= Units Transferred + Ending W I P
The number of units transferred out are obtained from the number of units started and the units already at hand. The ending inventory has those units which only are left behind after the units are transferred out.
Answer:
True. The units must be equal.
Explanation:
Work in process inventory is materials that are in the process of being produced or manufactured into finished goods to be sold to customers
If the units are not equal, it means that some units went missing from the inventory during production.
Beginning work in process inventory accounts for products that are in production but have not yet been completed at the end of an accounting period
The ending work in process inventory is simply the cost of partially completed work as of the end of the accounting period.
The units transferred out of the goods that have been manufactured.
Units started into production are the number of completed units of an item that a company could theoretically have produced, given the amount of direct materials, direct labor, and manufacturing overhead costs incurred during that period for the items not yet completed
The four values have to be equal in accounting to show a proper balanced account
Lisa’s Custom Print Services produces and sells custom seashore prints. The manager reported $5,400 in fixed expenses, operating income of $0 at the breakeven point, and a contribution margin per unit of $50. What is the firm’s breakeven point in units using the shortcut approach?
Answer:
108 units
Explanation:
break even point in units = total fixed costs / contribution margin per unit = $5,400 / $50 = 108 units
There are three methods to obtaining a break even point and they all should result in the same answer: equation method, the formula method (or shortcut), and in dollar sales and sales units.
The formula method is also called the shortcut because it's the simplest way.
Three airlines account for most of the air traffic in and out of a local city. If the three airlines joined together in setting fares and air travel schedules, economists would say that they were acting as:
Answer:
The options for this question are the following:
A. a cartel, as the three airlines together would attempt to coordinate policies in the local market to jointly maximize profits.
B. monopolistic competitors, as each firm would have to differentiate its airline services from its rivals.
C. perfect competitors, as each firm would sell travel services at the same fares as the other airlines.
D. kinked demand curve oligopolists.
The correct answer is A. a cartel, as the three airlines together would attempt to coordinate policies in the local market to jointly maximize profits.
Explanation:
A cartel is a formal agreement between two or more companies in order to reduce competition between them and increase their profits or joint profits.
A cartel is the formal expression of a collusion agreement. This implies that firms explicitly agree on the level of certain competitive variables such as price, quantity, distribution of customers or areas, etc.
The goal of cartel members is to increase joint benefits at the cost of reducing or eliminating competition. In this way, it is intended to act as a monopoly by increasing prices, reducing the quantity and increasing the profits obtained from sales.
The percentage-of-completion method is used primarily for short-term contracts. A.recognizes revenue and gross profit each period based upon progress. B.accumulates construction costs in the Billings on Construction in Progress account. C.recognizes revenue and gross profits only when contract is completed.
Answer:
A.recognizes revenue and gross profit each period based upon progress.
Explanation:
The percentage of completion approach is an accounting technique used to recognize revenue in ongoing projects. Revenue from long term contracts is calculated based on the percentage of work completed in a period. This method is applied when payments are assured, and the percentage of work done can be estimated with some degree of accuracy.
The percentage of completion is mostly used in construction industries, but the concept can be used in many projects. The method compares the revenues and expenses of a project against the percentage of work completed in the financial period. The percentage of completion method contrasts with the completed contract method that recognizes income upon completion of a project.
Riya was a highly successful manager at Optics International. After ten years with the company, she decided to leave and become a fulltime mother and caregiver to her ailing father. This example demonstrates which factor affecting women’s careers?1. Female advantage2. Opt-out trend3. Glass cieling4. Glass wall5. Opaque cieling
Answer:
2) Opt-out trend
Explanation:
The opt-out trend refers to the tendency of women leaving their job or corporate career for various reasons, specially reasons linked to maternity or raising their children.
Women are lucky because they can have children, but their reproductive ability fades out around 40 years old. It is not uncommon that women leave their jobs during a certain period of time while they are in their middle 30s to try to have children. Many return to the workforce once their children have grown a little or start preschool.
Factor income __________.a. consists largely of interest, dividends, and other income on foreign investments. b. is a theoretical construct of the factors of production, land, labor, capital, and entrepreneurial ability. c. is generally a very minor part of national income accounting, smaller than the statistical discrepancy. d. none of the options
Answer:
a) Consists largely of interest, dividends, and other income on foreign investments.
Explanation:
Factor income is all the income that we receive from selling at least one of the factors of production.
Factor income received from land ⇒ rentFactor income received from labor ⇒ wages and salariesFactor income received from capital ⇒ profitWhen we are calculating the balance of payments of a country, the factor income that we must include comes from capital invested in foreign countries and the income generated from capital is called profit and it consists mainly of interests and dividends.
In a QSPM analysis, would it ever be appropriate or useful for a company not to include a weight column at all, but rather total the AS columns to determine the relative attractiveness of six strategies? A. Yes but only for nonprofit organizations B. Yes but only for small firms C. No D. Yes E. Yes but only for multi-divisional companies
Answer:
C. No
Explanation:
QSPM analysis: QSPM stand for Quantative Strategic Planning Matrix is a strategic tool to evaluate various strategies to find best alternative. It is the third stage of strategy formulation, which include all the details of previous stages. There is no limit of strategies that can be evaluated or different sets of strategies that can be examined at once using the QSPM. The QSPM weights are identical to the EFE and IFE Matrix.
Final answer:
In QSPM analysis, excluding the weight column is not appropriate as it provides essential information regarding the importance of each factor in strategy selection. The correct answer to the question is C. No, since the use of weights is crucial for all organizations when performing a comprehensive QSPM.
Explanation:
In a Quantitative Strategic Planning Matrix (QSPM) analysis, it is not generally considered appropriate to exclude the weight column. The purpose of the weight column is to indicate the relative importance of each factor, which allows for a more nuanced assessment when comparing strategic options.
Without weighting these factors, the analysis ignores the significance of certain key variables that could dramatically alter the strategic direction of a company.
Therefore, the best answer to whether it would ever be appropriate or useful for a company not to include a weight column at all, but rather total the Attractiveness Scores (AS) columns to determine the relative attractiveness of six strategies is C. No.
Having a weight column assists in understanding how significantly each factor impacts the strategic choice, and excluding it removes this insight, potentially leading to a less informed decision. Every organization, regardless of its size, profit orientation, or structure benefits from a thorough QSPM, including the appropriate weighting of factors.
If the sum of your assets is 275,000, what should the other side of your balance sheet add up to?
Answer: The sum of the liabilities would add upto 2,75,000
Explanation: According to the accounting standards, the assets side of a balance sheet should equal the liabilities side of balance sheet to make a balanace in the balance sheet of a company.
Assets are known as the resources that the company owns, whereas liabilities are the financial debts or the amount of money which a company owes.
So, if we sum up all the assets side and deduct the total amount of liabilities what we get is equity or owner's fund ( the amount of funds the owner of the business possess)
Therefore, if assets side of the balance sheet sums upto 2,75,000 then liabilities side of the balance sheet would also add upto 2,75,000
Amber is working as a sales associate in a department store. When a few high-priced products are found missing from the store, Amber is accused of theft and fired from the job. Neither an investigation is conducted nor is Amber allowed to explain herself. Which of the following is true of the given scenario?
a. Amber's right to arbitration has been violated.
b. Due process has not been followed by the employer.
c. Amber's statutory rights are upheld.
d. Amber is not given the option of involuntary turnover
Answer:
b. Due process has not been followed by the employer.
Explanation:
In the workplace when there is a case that could lead to dismissal, it requires the employer to first of all carry out an investigation to determine what actually happened. The facts could differ from the claims made against her.
She should also be allowed to to explain herself, this could lead to get exonerating herself or disclosing relevant information the employer did not know.
Amber can take legal action against the employer for not following due process in firing her.
The production function A. depends on the technology available to the firm. B. specifies the minimum amount of inputs necessary to produce a given level of output. C. specifies the maximum possible output that can be produced with a given amount of inputs. D. All of the above.
Answer:
D) All of the above.
A. depends on the technology available to the firm. B. specifies the minimum amount of inputs necessary to produce a given level of output. C. specifies the maximum possible output that can be produced with a given amount of inputs.Explanation:
The production function is a mathematical representation between the amount of physical units of input (factors of production) required to produce a certain amount of output of finished products. In other words, the production function tells us how many products we can manufacture with a given amount of capital, labor and raw materials (land).
The efficiency and productivity of the production function depends on the technology used by the manufacturer.
The SoundBoy was a portable radio targeted toward children in the 1970s. It came in different colors and shapes and was one of the most popular products in its time. Portable radios have slowly been replaced by smartphones, tablets and other gadgets. From the above scenario, it can be stated that the SoundBoy is currently in the _____ stage of the product life cycle.
Answer:
decline
Explanation:
Based on the information provided within the question it can be said that in this scenario the SoundBoy seems to currently be in the decline stage of the product life cycle. This stage is characterized by as being the "dying off" stage where sales begin to drop and production of the product is ultimately stopped. Revenue will continue to fall to the point that the product is completely discontinued.
Answer:
Explanation:
The decline stage of the product life cycle is the one where the product ultimately becomes obsolete or dies due to the low or negative growth rate in sales .
Decline Stage: The decline stage of the product life cycle is the terminal stage where sales drop and production is ultimately halted.
As a number of companies start to dominate the market, it becomes increasingly difficult for the company in question to maintain its level. As new technologies emerge making the product become ultimately obsolete as in the case of(The SoundBoy) portable radios and now smart phones, tablets and other gadgets.
Management of Premium Discovery Company is compensated through large salaries, stock options, and bonuses tied to the company's working capital growth. The CEO is constantly holding meetings to ensure that management is on target for increased operating income each month. Based solely on the preceding information, which element of the fraud triangle exists at the Premium Discovery Company?
Answer:
Incentive/Pressure.
Explanation:
The fraud triangle is a model that describes factors which motivates people to commit fraud. Usually all these factors come into play before a fraud is committed.
The three elements of the fraud triangle are opportunity, pressure or incentive, and rationalisation.
The incentive in the given scenario is the compensation through large salaries, stock options, and bonuses tied to the company's working capital growth provided the management of Premium Discovery company.
This pressure or incentive drives the CEO to hold meetings to ensure management is on track to increase operating income each month.
Which of the following procedures is TRUE regarding the construction of a decision tree for product​ design?A.Payoffs are entered at the beginning of the appropriate branch.B.The possible alternatives include an alternative of​ "doing nothing.".C.Be sure that all possible alternatives and states of nature​ (beginning on the right and moving​ left) are included in the tree.D.To determine the expected value of each course of​ action, we need to start at the beginning of the tree and work toward the end of the tree.The possible alternatives include an alternative of​ "doing nothing."
Answer:
A. Be sure that all possible alternatives and states of nature (beginning on the right and moving left) are included in the tree.
Explanation:
Decision tree is a simple data mining approach used to establish the hidden knowledge in the data to enable classification and prediction.
Decision tree is a tree structure, where internal nodes denote a test on an attribute, each branch represents the outcomes of the test and the leaf node represents the class labels.
Decision Trees are excellent tools for helping management to choose between several courses of action and simplify management decision making.
If the above is true then we must be sure that possible alternatives are included in the tree.
Final answer:
True, the 'doing nothing' alternative is included in a decision tree for product design, serving as a baseline for comparing all other potential product design alternatives.
Explanation:
When constructing a decision tree for product design, it is TRUE that the possible alternatives include an alternative of 'doing nothing'. This option must be considered because it represents the choice to maintain the status quo without pursuing any new product designs or changes. Including 'doing nothing' as an option ensures a comprehensive evaluation of all possible decisions. The construction of a decision tree generally involves detailing alternatives and potential outcomes, including the states of nature, payoffs, and the calculation of expected values. It's important to ensure that all potential outcomes and alternatives are reflected in the decision tree to facilitate effective decision-making.
The process of evaluating alternatives often includes a cost/benefit analysis, where you weigh the marginal costs against marginal benefits. The same logic applies to decision trees, where the benefits and costs of each path are considered to optimize the decision based on expected outcomes.
Which of the following refers to the strategic process of distributing, promoting, and pricing products, and discovering the desires of customers using digital media and digital marketing?
a. electronic marketing
b. social networking
c. digital retailing
d. mobile marketing
e. digital marketing
Straight Arrow unloaded two tankers worth of toxic waste at an important port in the country of Urithmea. A hundred workers worked two days in their shorts and sandals to unload the barrels from the tankers for $5 a day. They were not told about the content of the barrels. Some observers felt that it was the obligation of not just the government of Urithmea but also of Straight Arrow to ensure that no harm was done to the workers. These observers are most likely:___________
1- Utilitarianists
2- Cultural relativists
3- Justice theorists
4- Rights theorists
5- Naïve immoralists
Answer:
4. Rights theorists
Explanation:
Rights theorists -
According to this theory , it is the legal and moral right of an individual person , hence , any activity against these rights are unexceptable , is referred to as rights theorists .
The people have some basics rights , which can be claimed at any moment of work , and is need to be fulfilled by the company or government .
Hence , from the given scenario of the question ,
The correct option is 4. Rights theorists .
Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and service in comparison to cheaper alternatives available in the market. In this case, Rad offers a(n) ________ value proposition
Answer:
More-for-more
Explanation:
A value proposition refers to the value a company promises to deliver to customers if they decide to purchase their product. A value proposition is also a declaration of intent or a statement that introduces a company's brand to consumers by informing the customers what the company stands for, how it is being operated, and why it deserves their patronage.
Xavi develops a cell phone battery that can be charged by a solar panel and can run efficiently for up to three hours. His friends point out that it would be difficult to get cell phone manufacturers to adopt this new technology and that it could take a long time for people to start relying on it. However, Xavi is convinced that he can make his idea popular and successful. He plans to start a new company called EnerMob Inc. that would promote and sell the cell phone battery to the public. In this scenario, which of the following entrepreneurial characteristics is Xavi demonstrating
Xavi demonstrating vision.
Explanation:
A vision is a strong visual picture, based about your goals and aspirations, of what you are looking for in your company.
A dream can specifically guide your company and can save you from going in the wrong direction.
An ambitious definition of what a company wants to achieve or accomplish in the medium to long term. It should be a straightforward reference for the collection of current and future acts.
A manufacturing firm finds that 8080% of its new hires turn out to be good workers and 20 %20% become poor workers. All current workers are given a reasoning test. Of the good workers, 9090% pass it; 4040% of the poor workers pass it. Assume that these figures will hold true in the future. If the company makes the test part of its hiring procedure and only hires people who meet the previous requirements and also pass the test, what percent of the new hires will turn out to be good workers?
Answer:
90%
Explanation:
Given that,
Percent of new hires turn out to be good workers = 80%
Percent of new hires turn out to be poor workers = 20%
Percent of good workers passed the reasoning test = 90%
Percent of bad workers passed the reasoning test = 40%
Probability of good workers who are passed:
= 0.8 × 0.9
= 0.72
Probability of poor workers who are passed:
= 0.2 × 0.4
= 0.08
Total probability:
= Probability of good workers who are passed + Probability of poor workers who are passed
= 0.72 + 0.08
= 0.80
Percent of the new hires will turn out to be good workers:
= Probability of good workers who are passed ÷ Total probability
= 0.72 ÷ 0.80
= 0.9 or 90%
Sea & Surf Corporation makes sailboards, which are bought and distributed by Tropical Marketing Company to UV Sports Stores, Inc., which sells them to consumers. Wen is injured while using a Sea & Surf board that he bought from UV Sports. In a product liability suit based on strict liability, Wen may recover from:_______.1. Sea & Surf only2. Sea & Surf tropical Maketing or UV sports3. UV Sports only4. None of the above
Answer:
1. Sea and Surf, Tropical Marketing or UV Sports
Explanation:
Since the product liability suit is based on strict liability, Wen can sue either Sea and Surf Tropical Marketing Company or UV Sports Stores Inc., Strict liability confers blame not necessarily because the defendant is responsible for the harm or injury suffered but because they were somehow involved in the series of events that led to the tort's occurence.
Timini Inc., a beverage company, wants to produce a new health drink. It borrows money from Maverk Bank to finance the development. The bank mandates Timini Inc. to return the amount with interest in a regular schedule of fixed payments. Which of the following sources of long-term funds is being used by Timini Inc. in the given scenario?
a. Commercial paper
b. A term loan
c. A line of credit
d. Trade credit
Answer:
b. A term loan
Explanation:
A term loan is a type of loan that has a series of fixed payments with an interest rate, which can also be fixed, or unfixed.
The word fixed payment means that the payments have a specific date in which to be made.
In this case, Timini Inc is using a term loan to finance its operation because the bank mandates Timini Inc to return the borrowed amount with a regular schedule of fixed payments.
Timini Inc. is using a term loan as its source of long-term funding for the new drink production.
Explanation:In the mentioned scenario, Timini Inc. is using a term loan as its source of long-term funds. A term loan is a loan from a bank for a specific amount that has a specified repayment schedule and a fixed or floating interest rate. Maverk Bank provides the loan to Timini Inc. which it has to repay with interest in a regular schedule. The company is sourcing its funds for producing the new health drink from a term loan. This is different from other funding options like commercial paper, line of credit, or trade credit.
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Quality that measures usefulness vs. price paid is which definition of quality? A. Conformance to specifications B. Fitness for use C. Value for price paid D. Support services E. Psychological
Answer:
C. Value for price paid
Explanation:
The quality of goods are measured with the usefullness of the goods to the consumer and how much he is willing is pay for the product is etermined by the utility of goods to the consumer. Higher amount is paid for the goods, which has higher utility to the consumer and it also define quality to the consumer. Price and utility of product remain the main determinant for the quality.
Value of price paid is determined by utility or usefulness of the product for each dollar paid to buy it.
What is the discounted payback of a project that has an initial outlay of $20,000 and will generate $6,000 in year 1, $12,000 in year 2, $9,000 in year 3, and $14,000 in year 4 assuming the cost of capital is 10%?
Answer:
2.68 years
Explanation:
Year Inflows Discount rate 10% PV of cash inflows Cumulative value
1 $6,000 0.9090909091 $5,454.55 $5,454.55
2 $12000 0.826446281 $9,917.36 $15,371.90
3 $9,000 0.7513148009 $6,761.83 $22,133.73
4 $14,000 0.6830134554 $9,562.19 $31,695.92
Total present value $31,695.92
Now the discounted payback period is
= 2 + ($20,000 - $15,371.90) ÷ ($6761.83)
= 2 + 0.68 years
= 2.68 years
Daun is a manager for a pet grooming shop. She has decided to engage in planning by creating goals for her employees. Dawn has created a plan to increase revenues at the store by setting goals for each employee to up-sell cu stomers into dog pedicures and hair dyeing services, which bring in and trimming. Which of the following are likely results of the plan that Davn hcreated?1. Dawn notices her employees staying past their shifts all month in order to meet their goals. 2. After not hitting the revenue goals the frst month, Davn's employes stop trying to up-sell customers stop trying to up-sell customers and just focus on bathing and trimming. 3. The pet groomers become more efficient at bathing and trimming dogs so they have more time for dog pedicures and hair dyeing. 4. Dawn's employees work harder during their shifts.
1. Dawn notices her employees staying past their shifts all month in order to meet their goals
3. The pet groomers become more efficient at bathing and trimming dogs so they have more time for dog pedicures and hair dyeing
4.Dawn's employees work harder during their shifts
Explanation:
Many important advantages come from planning. Second, by implementing a program, administrators and staff made greater efforts. Dawn's workers have a plan to follow and they work harder through their transfers. First, preparation will lead to staff working hard for extended periods of time.
Dawn mentions that her workers stay past their shifts every month to achieve their goals which reveals the employees ' commitment. A third benefit of preparation is that it helps people to develop work plans that offer better ways to do their jobs. The animal groomers are highly involved in washing and trimming dogs, which allows them greater time for dog pedicures.
One final benefit of preparation is that it gives some people direction.
Stephen is preparing his pitch for a bank representative that will be considering him for a business loan. He lists the resumes and credentials of chefs who are working in the restaurant’s kitchen. This is an example of what marketing principle (from the 7 Ps)?
Answer:
People
Explanation:
Probably the most important P of the services marketing mix is people. Services rely on the customer experience and the company's employees are the ones that make the difference. E.g. a restaurant can provide the most delicious food, but if the waiter is rude and treats customers very badly, the whole experience will be negative. Until artificial intelligence replaces us, people will be the cornerstone of the service industry.
Stephen is demonstrating the 'People' aspect of the 7 P's of marketing by showcasing the credentials of his chefs to obtain a business loan.
Explanation:Stephen is engaging in a principle that falls under the '7 P's of marketing', which include Product, Price, Place, Promotion, People, Process, and Physical evidence. In this case, by listing the resumes and credentials of chefs working in the kitchen, Stephen is focusing on 'People'. This element emphasizes the importance of the staff and their expertise in delivering an excellent service. The bank representative will consider this information relevant as it highlights the capability and professionalism of the restaurant's team, thus enhancing the business's credibility and improving the chances of securing the loan.
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Delinquency occurs at how many days past due on your loan repayment?
Delinquencies are reported when the loan is 30 or more days past due to the credit bureau. When the borrower is 90 or more days past due is stated to be a serious delinquency.
Explanation:
Delinquency is a situation in which the loan borrower fails to pay the loan or makes an overdue on the periodical payment.
Delinquency rate:
The percentage of loans within the loan portfolio of a financial institution whose payments are delinquent. The formula to calculate the delinquency rate is as follows,
[tex]\text{Delinquency Rate }=\frac{\text{Number of delinquent accounts}}{\text{total number of credit accounts}}\times100[/tex]
Average days delinquent:
This is calculated by subtracting the days sales outstanding (DSO) from best Possible DSO which is represented as
[tex]\bold{\text{ADD= Days Sales Outstanding - Best Possible Days Sales Outstanding}}[/tex]
Perfect competition displays ______ because the social benefits of additional production, as measured by the price that people are willing to pay, are in balance with the ______ to society of that production.
Answer:allocative efficiency; marginal costs
Explanation:allocative efficiency is at an output level where the Price equals the Marginal Cost (MC) of production. This is because the price that consumers are willing to pay is equivalent to the marginal utility that they get. Therefore the optimal distribution is achieved when the marginal utility of the good equals the marginal cost.
The marginal cost is the cost of producing one additional item and is used to pinpoint the optimal economy of scale. The marginal benefit is the greater enjoyment created by producing one additional item.