Answer:
A. Risk Adverse
Explanation:
A Risk adverse person is a person which at all times is ready to take a small amount of money than than taking risk that might result to such person having or winning a higher sum.
Sharon's decision to take the $5 bet instead of taking the risk of getting $50 with the probability of losing up to $10 shows that she is a risk adverse (i.e she is reluctant to take risks )
Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to four separate activity pools. The budgeted activity cost and activity base data by product are provided below.
Activity Cost Activity Base
Procurement $370,000 Number of purchase orders
Scheduling 250,000 Number of production orders
Materials handling 500,000 Number of moves
Product development 730,000 Number of engineering changes
Production 1,500,000 Machine hours
Number of Number of Number of Number of Machine Number of
Purchase Orders Production Orders Moves Engineering Changes Hours Units
Disk drives 4,000 300 1,400 10 2,000 2,000
Tape drives 4,000 150 800 10 8,000 4,000
Wire drives 12,000 800 4,000 25 10,000 2,500
35. Determine the activity rate for procurement per purchase order.
a $43.53
b $18.50
c $15.42
d $37.00
Answer:
b $18.50
Explanation:
We have to divide the Procurement cost pool over the total number of order which is the cost driver of this activity.
Cost pool: 370,000
Disk drives purchase orders: 4,000
Tape drivers purchase orders: 4,000
Wire drivers purchase drives: 12,000
Total purchase order 20,000
Now, we know the variables values so we can calculate the rate:
$370,000 cost pool/ 20,000 purchase order = $ 18.5
Herbert gained most of the capital for his new start-up project by posting a small demonstration of his product on a website that he created especially for the project. Many people showed genuine interest in his product and donated money to help him launch it. In the given scenario, Herbert:
a. was able to fund his project through venture capital.
b. received money for his venture from angel investors.
c. received money for his venture through crowdfunding.
d. was able to fund his project through seed money.
Answer:
d. was able to fund his project through seed money.
Explanation:
Seed money or seed funding is the first fund or seed that is obtained for a new business idea. Mostly seed money is obtained from friends, family, and colleagues.
Herbert had a great idea by presenting a demonstration of his product on a website, attracting people with interest to fund the start-up.
Herbert gained capital for his start-up through crowdfunding, which is the collective effort of individuals who donate small amounts of money via an online platform to support a project.
In the scenario described where Herbert gained most of the capital for his new start-up project by posting a small demonstration of his product on a website and receiving donations from many people, this approach is known as crowdfunding. Crowdfunding allows a large number of people to contribute small amounts of money to help a project or venture, leveraging the collective effort of individual investors or donors through an online platform. This is different from receiving money from angel investors, who are individuals that provide capital for a business start-up, usually in exchange for convertible debt or ownership equity, or from venture capital, which is a form of private equity and a type of financing that investors provide to start-up companies and small businesses that are believed to have long-term growth potential. Seed money, often referred to as seed funding or seed capital, is a type of financing used in the initial stages of a new business or venture, typically provided by angel investors, friends, family, or the business founders themselves.
Suppose that the market for premium bottled water is initially in equilibrium at point A Further suppose the demand for premium bottled water increases rapidly during 2018. At the same time, six more firms begin producing premium bottled water. A student remarks that, because of these events, we can't know for certain whether the price of premium bottled water will rise orfall Market for Premium Bottled Water The student's remarks (that, because of these events, we can't know for certain whether the price of premium bottled water will rise or fallis A .correct. When there is an increase in supply and an increase in demand, the new equilibrium quantity increases but whether the equilibrium price increases or decreases is unknown B. correct When there is an increase in supply and an increase in demand, the change In both new equilibrium price and equilibrium quantity are unknown C. Incorrect. When there is an increase in supply and an increase in demand the new equilibrium price will be unambiguously higher D. incorrect. When there is an increase in supply and an increase in demand, the new
Answer:
The remark by the student is correct since;
B. correct When there is an increase in supply and an increase in demand, the change In both new equilibrium price and equilibrium quantity are unknown
Explanation:
The major factor that affects the supply and demand is the market price of a good or service. The supply of a good or service is the quantity of goods that producers are willing to sell at a particular price, while the demand is the quantity of goods that consumers are willing to but at a particular price. When the price of a good rises, most producers are usually inclined to supply more of the product. On the contrary, when the prices drop, the suppliers tend to sell less of the good. However, there is a state known as the equilibrium point is the price where the quantity of goods supplied is the same as the quantity of goods demanded. This typically means that the suppliers and the consumers are comfortable with the price of that particular good or service. In reality, this scenario is often extremely rare.
In our case, premium bottled water was initially in equilibrium then a sudden rise in demand and a sudden increase in supply also ensued. In this case, it is difficult to know what how much the price and demand will change since we don't have a clue on the quantity of bottled water that will be supplied by the new firms that have entered the market. At the same time, we don't know how much the demand for premium bottled water increased.
Which of the following statements about sequence flows is not true? a. None of the choices. b. Sequence flows are continuous from the start event through activities and gateways, if any, to an end event in a pool. c. Sequence flows may not cross lane boundaries. d. Tokens move along sequence flows.e. Sequence flows may not cross pool boundaries.
Answer:
OPTION C
Explanation:
A sequence flow refers to the power grid among two system components. Following visitation of a component during process execution, all outgoing sequence flows will be accompanied. But two outgoing sequence flows by default will create two separate, parallel implementation routes.
Following the visitation of an entity during process execution, all outgoing sequence flows are followed. Thus two outgoing sequence flows by default will create two separate, parallel execution paths. That behavior may be altered.
Thus from the above we can conclude that the correct option is C.
Hank bought a farm that had an old barn. He noticed one day that the roof of the barn was swaying in the wind. Hank went to see his insurance agent and he insured the barn for $20,000. The agent didn't ask if the roof might collapse, and Hank didn't say anything about it. One week later there was a strong wind and the roof collapsed. Assuming the insurer can prove it, under what legal grounds could the insurer deny payment of the claim?
A) estoppel
B) concealment
C) warranty
D) misrepresentation
Answer:
B. Concealment
Explanation:
Concealment is the act of hiding information or keeping information that might be regarded as a relevant fact in relation to what is being insured from the insurer.
When an insured hide information that may affect the policy bought from the insurance company.
The concealment can be done intentionally or unintentionally by the insured
Suppose the value of your home increases from $100,000 to $125,000. If you continue to live in your home, the increase in its value:
A) adds nothing to GDP.
B) increases GDP by $25,000.
C) increases GDP by $100,000.
D) increases GDP by $125,000.
Answer:
The correct answer is option A.
Explanation:
The value of a house was $100,000.
It increased to $125,00.
It will have no effect on the GDP if the person owning it continues to live in it.
The GDP of an economy measures the value of final goods and services produced in an economy in a year. This increase in the value of a house will not affect GDP as no final good or service is being produced.
The value of second-hand goods is not included in GDP.
Suppose a price ceiling is currently set below the equilibrium price. Now suppose that policy makers decide to lower the price ceiling. This reduction in the price ceiling will cause what to occur?
Reducing a price ceiling below equilibrium price results in an increased shortage, with suppliers offering fewer goods due to low profitability and consumers demanding more due to lower price. This lead to the rise of non-price competition methods and longer waiting times for goods.
Explanation:When a price ceiling is reduced further below the equilibrium price, it tends to create an even greater shortage in the economy. This is because the number of products/services that suppliers are willing to provide at this even lower price is far less than the quantity demanded by buyers.
Suppliers would find it unprofitable to produce goods or provide services at the lower price, leading to a reduction in the supply of such goods/services. On the other hand, consumers, enticed by the lower prices, would demand more. This situation would intensify the shortage, causing longer waiting times for goods or services, or alternative non-price competition methods to emerge.
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If policy makers decide to lower the price ceiling, it will cause the quantity demanded to rise and the quantity supplied to fall, leading to a larger shortage.
Explanation:A price ceiling is a maximum price allowed by the government and is typically set below the equilibrium price in order to keep prices low for consumers. If policy makers decide to lower the price ceiling, it will cause the price to decrease further. As a result, the quantity demanded will increase because consumers are willing to buy more at the lower price. Conversely, the quantity supplied will decrease because producers are less willing to supply goods or services at a lower price.
For example, let's imagine that the equilibrium price of a product is $10 and the government sets a price ceiling of $8. This would create a shortage because consumers would demand more at the lower price, but producers would be less willing to supply goods at a lower price. If policy makers then decide to lower the price ceiling to $6, the price of the product would decrease further and the quantity demanded would increase even more, creating an even larger shortage.
In summary, if policy makers lower the price ceiling, it will cause the quantity demanded to rise and the quantity supplied to fall, leading to a larger shortage.
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Geyer Company has the following account balances: Accounts Receivable: $40, Accounts Payable: $45, Cash: $70 and Notes Payable: $65. If the Notes Payable balance is listed as $56 in the trial balance, what impact will this have on the accounts
Answer:
Credit side of the trial balance will be understated by $9
Explanation:
Note Payable has a credit balance of $ 65 by writing it as $56 it will understate the total credit value by $9 ( 65 - 56 ). Trial will be imbalanced. Ultimately the Balance sheet will not balance, it will show $9 more assets than the total equity and liabilities. The note payable is recorded in the liabilities section of the balance sheet which will be a cause of imbalance of balance sheet too.
Reductions in the size of the customer base and increased usage of supply chain management have led to: a. decreased levels of buyer-seller interaction. b. lower levels of service expectations by buyers. c. poor risk management. d. development of short-term buyer-seller relationships. e. buyers and sellers being more interdependent.
Answer:
E) buyers and sellers being more interdependent.
Explanation:
The internet has completely changed our world in so many ways that few people could imagine that currently you can purchase Coke directly from a Coca Cola factory, you don't even need to go to a supermarket anymore (and the prices are lower). Slowly but steadily, intermediaries are being eliminated, anyone can remember how huge Sears, Kmart, JC Penny, Macy's were just 10 -15 years ago.
Now manufacturers try to sell their products directly or they use Amazon, Ebay or some other website. And customers like that because the prices are lower now. You can go to a Best Buy store and compare prices with Amazon, and if Amazon is cheaper, you leave the store and your TV arrives the next day.
Adam Company has 100 units costing $300 in beginning inventory. During the year, the company purchases 900 units for a total cost of $2,880. At the end of the year, a physical count reveals that 200 units remain in ending inventory. If the company uses the FIFO method, the cost of ending inventory will be:
Answer:
The value of the ending inventory is $ 640
Explanation:
First we have to make a table showing the inventory movements.
Beginning inventory 100 units $ 300
Purchases 900 units $ 2,880
Ending inventory 200 units
Adam Company uses the FIFO method which means that the units sold shall be valued at the opening inventory plus purchases. The ending inventory shall be priced at the purchase value.
The unit value for purchases is $ 2,880/900 = $ 3.20 per unit.
So the value of the ending inventory shall be
200 units * $ 3.2 per unit = $ 640
Answer:
ending inventory = $620
Explanation:
beginning inventory 100 units $300 $3 per unit
purchases 900 units $2,880 $3.20 per unit
ending inventory 200 units ??? ???
Under FIFO method (first in, first out), the first units purchased (oldest) are the first units to be sold.
Since the ending inventory = 200 units and using the FIFO method:
100 units x $3 per unit = $300100 units x $3.20 per unit = $320ending inventory = $300 + $320 = $620
The _____ doctrine is a special tort rule that imposes liability on a landowner to children who have trespassed onto his or her property with the intent to play on a hazard and are killed or injured while doing so.
Answer:
Attractive nuisance doctrine
Explanation:
Under attractive nuisance doctrine, a landowner is held responsible for the injuries or death caused to children while playing on the land owned by him. The child or children could have got attracted to the land without knowing the danger or hazards present on the land.
This comes under intentional tort that imposes responsibility on the landowner for ensuring the safety of the trespassers.
Answer:
attractive nuisance doctrine
Explanation:
attractive nuisance doctrine - this is referred to that doctrine based on law of tort. it states that if any children got injuries while trespassing on owner land then the owner will be held responsible for that injury.
an attractive nuisance is considered as an object which can cause any causality by attracting children. for example - Dogs can be taken as an attractive nuisance which can be dangerous to the children if they get attracted to the dog.
Marco, the owner of Spaghetti Factory, is involved in the company's daily decisions and has established procedures for every task. The company rules are clearly specified in the handbook, and Marco also believes in close supervision of all employees. Spaghetti Factory is a(n) _______ organization.A.Multiple ChoiceB. informalC.mechanisticD. organicE. decentralizedF. nonhierarchical
Answer:
C. mechanistic
Explanation:
Spaghetti Factory is a mechanistic organization.
Because in mechanistic, it also determines that the rules which have been made should be strictly followed.
And we can see in the question that Marco, the already made all the rule and has given it on the handbook, and he also want that everyone should follow the rules strictly which are made by him.
The Heartlake Corporation manufactures and sells toy gyroscopes. The following data is related to sales and production of the toy gyroscopes for last year. Selling price per unit $8.20 Variable manufacturing costs per unit $1.84 Variable selling and administrative expenses per unit $4.45 Fixed manufacturing overhead (in total) $79,000 Fixed selling and administrative expenses (in total) $83,000 Units produced during the year 520,000 Units sold during year 190,000
Answer:
The Question is Incomplete; Full Question is as follows;
Using variable costing, what is the contribution margin for last year?
Contribution Margin = $362,900
Explanation:
Computation of expenditure margin by differential costing;
Sales Minus variable cost
Sales (190,000 *$8.20)= $1,558,000
Variable cost of Manufacturing(190,000 units *$1.84)= $349,600
— variable sales and administrative costs(190,000 units *$4.45)
= $845,500
= contribution margin = $362,900
Keep in mind that; Set or Fixed expenses and overhead costs are not taken into account when trying to calculate the contribution margin.
uppose that an MBA degree creates no extemality because the benefits of an MBA are internalized by the student in the form of higher wages. If there are no government subsidies for MBAs, then which of the following statements is correct? a. The equilibrium quantity of MBAs will equal the socially optimal quantity of MBAs. b. The equilibrium quantity of MBAs will be greater than the socially optimal quantity of MBAS. c. The equilibrium quantity of MBAs will be less than the socially optimal quantity of MBAs. d. There is not enough information to answer the question.
Answer:
A) The equilibrium quantity of MBAs will equal the socially optimal quantity of MBAs.
Explanation:
No government subsidies, no government taxes, no government anything = free markets = capitalism = fantasy world
Pure capitalism doesn't exist (only semi capitalistic economies), since governments exist and they regulate the economy, tax and transfer money, and spend.
But in a fantasy world where governments do not exist, then the equilibrium quantity of any good or service equals the socially optimal quantity. That applies to every single product or service.
Meggwatt Inc. is a company that manufactures electronic accessories. It studies the market standards for products similar to the products it creates and uses them to improve the quality standards of its own products. In the context of total quality management (TQM), Meggwatt Inc. is most likely using _____.
Answer: Benchmarking
Explanation:
Benchmarking process is a system in business used to measure and compare a company's performance against another. It is a measure used to determine the effectiveness of an organization's policies, strategies, programs, etc. Benchmarking helps a business or an organization to detect areas they needs to improve on.
An increase in the price of oil will a. shift the supply curve of oil to the left. b. shift the supply curve of oil to the right. c. leave the supply curve of oil unchanged. d. not enough information to answer the question.
Answer:
The correct answer is option c.
Explanation:
An increase in the price of oil will cause the quantity demanded of a commodity to decline and the quantity supplied to increase. This will cause a surplus in the market.
There will be no change in the demand and supply curve.
This is because of the law of demand and supply.
According to the law of demand, the price of a commodity is inversely related to the quantity demanded of the commodity, while other factors are kept constant.
Similarly, the law of supply states that the price of a commodity is positively related to the quantity demanded of a commodity.
The demand and supply curves are not affected by the changes in price, they change as a result of changes in other factors.
Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services. This shows that her pricing decisions should depend primarily on____________
Answer:
How different customers perceive the value of her services.
Explanation:
Entrepreneurs who start with a goal instead of a plan and look for a chance to achieve it are known as ________. a. reactive planner b. critical-point planner c. comprehensive planner d. opportunistic planner
Answer:
d. Opportunistic planners
Explanation:
Opportunistic planners -
These refers to the people , who tries to take the advantage of the situation , is referred to as an Opportunistic planners .
These people are the smartest of all , which the maximum patience , to wait and target at the perfect time to achieve their goal .
Hence , from the given information of the question,
The correct option is d. Opportunistic planners .
The term for entrepreneurs who start with a goal and then look for opportunities to achieve it, rather than starting with a detailed plan, is opportunistic planner. They focus on maximizing opportunities relevant to their goal.
Explanation:Entrepreneurs who start with a goal instead of a plan and look for a chance to achieve it are known as opportunistic planners. These entrepreneurs set a specific goal and then look for opportunities to attain that goal, rather than setting a specific, detailed plan from the beginning. For example, an opportunistic planner might set a goal to build a successful software company, but instead of creating a detailed plan on how exactly to achieve this, they would look for opportunities in the market, like partnering with other companies, inventing a unique software, or even acquiring other businesses, to reach their goal of a successful software company.
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If the price of a good increases, ________. 1, the consumer surplus increases 2, the budget constraint shifts to the left 3, the consumer surplus decreases 4, the budget constraint shifts to the right
Answer:
3, the consumer surplus decreases
Explanation:
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.
For example if the willingness to pay for a good is $60. If the price of the good rise from $30 to $40. The consumer surplus would fall from $30 to $20.
Budget constraint is the amount of goods and services a consumer can purchase given the consumers income and the price of goods.
Only increase or decrease in income leads to a shift of the budget constraint.
I hope my answer helps you
Final answer:
An increase in the price of a good results in a decrease in consumer surplus and a leftward shift of the budget constraint, which shows a reduced level of utility for consumers.
Explanation:
If the price of a good increases, the economic consequence is that the consumer surplus decreases and the budget constraint shifts to the left, indicating that consumers can afford less of the good or must substitute away from the good due to the increased price. This leftward shift means that the budget line is now tangent to a lower indifference curve on a consumer preference graph, representing a reduced level of utility. The degree of change in the quantity demanded of each good will vary based on personal preferences and the degree of necessity versus luxury attributed to the good.
An e-mail message from a manager to an employee that reads "please stop by my office at your convenience" is likely to be perceived differently than a message that reads "report to my office immediately." This is based on the external factor of:
Answer:
intensity
Explanation:
Answer:
Intensity
Explanation:
The more intense an eternal factor such as loud noises and bright lights are, they more it is likely to be perceived that way by an individual. In an office setting, when a line manger sends an email to his or her direct report, asking him or her to come to the office at the employees convenience, it would not have the same intensity and high sense of urgency compared to a situation in which the same email be restructured to ask the same employee, by the same line manager, to come to the office “immediately”
Trusted Wholesalers is a company that purchases products produced in Mexico and sells them to companies based in the United States and Canada. Management at Trusted Wholesalers would most likely be interested in becoming experts in the agreements made by ________.
A) The EU.
B) NAFTA.
C) CAFTA- DR.
Answer:
B. NAFTA
Explanation:
The North American Free Trade Agreement (NAFTA) is a trade agreement entered into by Mexico, Canada, and the United States of America. It went into operations on the 1st of January 1994.
NAFTA discarded tariffs, certain restrictions that were in place prior to the treaty being signed. The trilateral agreement led to a more robust economy, cheaper goods etc for the member countries.
Since Mexico is a member of NAFTA, the management of Trusted Wholesalers would most likely be interested in becoming experts in the agreements made by NAFTA.
Common stockholders of a business enterprise are said to be the residual owners. The term residual owner means that shareholders _________.
a. are entitled to a dividend every year in which the business earns a profit.
b. have the rights to specific assets of the business.
c. bear the ultimate risks and uncertainties and receive the benefits of enterprise
ownership.
d. can negotiate individual contracts on behalf of the enterprise
Answer:
C. Bear the ultimate risks and uncertainties and receive the benefits of enterprise ownership
Explanation:
The common stockholders in a business has the lowest priority and only tend to receive distribution of prior claims have been paid. This is why they are referred to as residual owners.
Preferred Stock is seen as a liability rather than part of an equity for residual owners.
A description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur, specification of activities and resources needed to translate the idea into a viable business, and the source(s) of capital together make up a(n):_________.
Answer:
opportunity analysis
Explanation:
opportunities analysis applies to the development of demand and competitive analysis, and to the evaluation of business conditions in order to have a vision for the future and to prepare tactics appropriately. opportunities analysis is a critical method for an organisation's development and needs to be done regularly
What should you do to prepare for the interview?
a. Select bold-colored clothes the night before.
b. Call the hiring manager to discuss the position.
c. Visit the company’s website to learn more about the organization.
Answer:
c. visit the company's website to learn more about the organization.
Explanation:
To prepare for an interview , the interviewee must visit the organization's website to know what it does, it's reputation, it's clients, their area of specialization.
Also, before going for an interview, the interviewee must ensure the following:
Prepare oneself for the interview, learn and gather information about the organization.To dress up appropriately in a neat and tidy manner. Bold colors and gaudy outfits should be avoided. To be on time, preferably 5-10 minutes earlier than the interview scheduled time. Politeness and courtesy in responding to questions and also in respect to dealings with employer staff."The sellers listed their property for six months on February 26 for $522,500. They agreed to pay the listing broker a 7% commission at closing on the agreed upon sale price. A buyer made an offer on the property on March 29 for $510,000. The seller countered the offer on April 1 at $517,500, and the buyer accepted the counter offer with the closing to occur on June 15. How much commission did the seller owe the listing broker, and how would it appear on the settlement statement?
Answer:
4) $36,225. Debit the seller.
Explanation:
The broker's commission = 7% of the final selling price = 7% x $517,500 = $36,225. The percentage didn't change, only the selling price changed.
Any expenses paid by the seller must be debited on the settlement statement, expenses paid by the buyer are credited.
The average German worker worked about 400 fewer hours per year and earned nearly $14,000 less than did the average worker in the United States. Can we conclude anything about the well-being of the average German worker versus the well-being of the average worker in the United States from these data? What other measures would you like to see in evaluating the well-being of workers in these two countries?
Answer:
By itself his information doesn't tell us a lot about the well being of German and American workers because even though German workers earn significantly less than American workers, they also work less hours.
Both Germany and the US are considered developed countries and other factors must be included before determining the standard of living of the population, e.g. crime rates, pollution, income distribution, life expectancy, etc.
The balance in the office supplies account on June 1 was $6,300, supplies purchased during June were $3,100, and the supplies on hand at June 30 were $2,500. The amount to be used for the appropriate adjusting entry is______________
Net income $ 15,953 Net sales 712,855 Total liabilities, beginning-year 83,932 Total liabilities, end-of-year 103,201 Total stockholders' equity, beginning-year 198,935 Total stockholders' equity, end-of-year 121,851 The return on total assets is:
Answer:
The return on total assets is 6.28%.
Explanation:
The return on total assets can be found from the following formula:
Return on Assets = Operating Profit / Average assets......Equation 1
And
Average Assets = (Opening Assets + Closing Assets)/2.........Equation 2
As here we are not given Opening assets and closing assets amount but we can find them through the following formula:
Opening Assets = Opening Equity + Opening Liability
Opening Assets = $198,935 + $83,932 = $282,867
Likewise
Closing Assets = Closing Equity + Closing Liability
Closing Assets = $121,851 + $103,201 = $225,052
Putting values in the Equation 2, we have:
Average Assets = ($282,867 + $225,052)/2 = $253959.5
Now by putting values in the Equation 1, we have:
Return on Assets = $15,953 / $253959.5 = 6.28%
Cover Board Inc. is a company that designs and prints advertisements on coffee sleeves used on cups sold in coffee shops. To find clients to advertise on the coffee cup sleeves, the company sends a representative to other companies to explain them the benefits of advertising on these sleeves. In this case, which of the following promotional strategies is used by Cover Board Inc.?A. Mass communication B. Implicit communication C. Personal selling D. Sales promotion E. Consumer badgering.
Answer:
The correct answer is: C. Personal selling
Explanation:
The personal sale is a tool of the promotional mix or type of sale where a particular seller offers, promotes or sells a product or service to a particular individual consumer directly.
It is based on a personal communication since it goes from one person (the seller) to another person (the potential customer or buyer), unlike for example advertising, which uses impersonal means since it is addressed to several consumers at the same time.
Personal selling is the most effective way to sell a product and to get a satisfied customer with the possibility that he can repeat the purchase or recommend the product or the company to other consumers.
Answer:
The correct answer is the option C: Personal selling.
Explanation:
To begin with, in the field of marketing, the term of ''personal selling'' refers to the tool that the communication mix has in order to reach the potential clients. Moreover, this type of communication technique focuses in caughting the client's interest by sending a professional salesperson who will be able to explain every part of the product that is being sold by the company and also to establish a flexible speech that is going to be adjusted to the situation regarding the fact that the customers may have several questions to do and therefore the salesman will be available for them at every moment. This type of communication tends to be the most effective one when it comes to products that are very difficult to sell or to understand by the clients.
A monopolistically competitive firm will increase its production if Select one: a. price is greater than average total cost. b. marginal revenue is greater than marginal cost. c. marginal revenue is greater than average total cost. d. price is greater than marginal cost.
A monopolistically competitive firm will increase its production when the marginal revenue (additional income from selling one more unit of a good) is greater than the marginal cost (cost of producing one more unit).
Explanation:A monopolistically competitive firm is one that sells products that are differentiated from one another in some way. The firm will increase its production when the marginal revenue is greater than the marginal cost. This is due to the reason that the marginal cost represents the cost of producing one additional unit of a good, while marginal revenue represents the additional revenue that will be earned from selling this additional unit. When marginal revenue exceeds marginal cost, the firm can increase profits by producing and selling more, thus the firm will increase production in this scenario.
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A monopolistically competitive firm will increase its production when the additional revenue from selling an extra product exceeds the cost of producing it. Specifically, the increase happens where marginal revenue (MR) > marginal cost (MC). Production continues until MR = MC, and if the price is above average total cost, the firm earns profits.
Explanation:A monopolistically competitive firm, like any profit-maximizing firm, will increase its production when its marginal revenue (MR) is greater than its marginal cost (MC). This basic economic principle holds because any situation where the income gained from selling an additional product (MR) outweighs the cost of producing that extra product (MC) is a profitable situation, and firms naturally want to maximize their profits.
The firm will keep increasing its production as long as the next produced unit adds more to revenue than it adds to cost. Once MR = MC, the firm identifies its profit-maximizing level of output. If the price determined by the market demand curve for that output level is above average total cost, the firm makes positive profits.
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