Answer:
Two biologists arguing about the fairness of health insurance premiums.
Explanation:
Economists often appear to give conflicting advice to policymakers. The two basic reasons for this are differences in scientific judgments and differences in values. Differences in scientific judgment come about when different positive views about an outcome cause economists to form different normative viewpoints. However, differences in values also play a role in explaining why different public policies are encouraged. In this case, two biologists arguing about the fairness of health insurance premiums most resembles differences in values rather than in scientific judgment
Two biologists disagree over whether health insurance prices are just. There are similar differences in scientific opinion among all economists.
Of the options below, which one best describes a market economy?The majority of both the soil, labor, and capital are owned by individuals, which is a key feature of a market economy. In other economic systems, the power is held by the government or the rulers.
What eight traits define a market economy?These aspects of the market system—private property, entrepreneurial freedom, the position of personality, competition, markets and pricing, reliance on capital goods and technology, specialization, usage of money, and an active but constrained role for government—are briefly explained.
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as a current lender to media general, would you refinance the $225 million term loan that is coming due? would you refinance the term loan as a new lender?
As a current lender to Media General, I would not be likely to refinance the $225 million term loan that is coming due.
The repayment of the loan is coming due soon and I would be reluctant to extend the loan for a longer term as I would be concerned about the company's ability to repay the loan. If I was a new lender looking to refinance the term loan, I would need to take a deeper look at the company's financials, including their future cash flow and their ability to service debt, before making a decision.
I would also need to look at the terms of the loan and the risk associated with lending to Media General.
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sustainability is being increasingly recognized as a source of cost efficiencies and revenue growth. group of answer choices true false
False, sustainability is being increasingly recognized as a source of cost efficiencies and revenue growth. Thus option (B) is correct.
What is sustainability?The sustainability consists of fulfilling the needs of current generations without compromising the needs of future generations, while ensuring a balance between economic growth, environmental care and social well-being.
The environmental sustainability focuses on the conservation of biodiversity without foregoing economic and social progress.
False, sustainability is being increasingly recognized as a source of cost efficiencies and revenue growth. Therefore, option (B) is correct.
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"when property rights are clearly defined and enforced, private owners will:
a. Use their property for selfish ends because they have little or no incentive to consider the desures of other
b. Develop and direct their propery toward uses that others value highly because the market will generally reward them for doing so
c. Have little or no incentive to take care of their property or conserve it for the future
d. Be unable to derive personal gain if they are sensitive to the desre of other when deciiding how deciding how to use their property
"
If rights are well defined and upheld, property owners will expand and direct their property to use that others value highly since market will typically reward them for doing so.
What does to be enforced mean?To impose or maintain as law; compel compliance: to impose a rule; The rules of the road shall be rigorously followed. to gain through coercion or force. the act of forcing someone: To support, the doctor imposed a stringent eating plan.
Has been enforced meaning?To force individuals to follow a law, or to force something to occur or be accepted: The task of enforcing speed limits by the police is not always simple. The teaching assistant had not implemented any type of punishment.
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the most recent financial statements for tran company are shown here: income statement balance sheet sales $ 44,600 current assets $ 18,460 long-term debt $ 37,620 costs 36,100 fixed assets 68,900 equity 49,740 taxable income $ 8,500 total $ 87,360 total $ 87,360 taxes (22%) 1,870 net income $ 6,630 assets and costs are proportional to sales. the company maintains a constant 45 percent dividend payout ratio and a constant debt-equity ratio. what is the maximum dollar increase in sales that can be sustained assuming no new equity is issued?
3518.94, is the maximum dollar increase in sales that can be sustained assuming no new equity is issued in financial statements for Tran company.
What is financial statements?The entry of a transaction in an account is referred to as a “financial statement.” The account has been updated to reflect the debit and credit transactions. Assets, liabilities, revenue, equity, and expenses are all types of financial activity.
The financial statements for Tran company are:
The sustainable growth rate = (Return on equity x Retention ratio) / [1 - (Return on equity x Retention ratio)].
Return on equity = Net income / Total equity
Return on equity = $6,630 / 49,740Return on equity = 0.133Retention ratio = 1 - Dividend payout ratio
Retention ratio = 1 - 45%Retention ratio = 0.55Now calculating substantial growth rate = (Return on equity x Retention ratio) / [1 - (Return to equity x Retention ratio)]
Now, calculating substantial growth rate = (0.133 × 0.55) / [1 - (0.133 × 0.55)]
substantial growth rate = (0.07315) / [1 - (0.07315)]substantial growth rate = (0.07315) / 0.92685substantial growth rate = 0.0789substantial growth rate = 7.89%Maximum increases the sales = $44,600 × 7.89%
Maximum increases the sales = 3518.94
As a result, the significance of the financial statement are the aforementioned.
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you are bearish on telcom and decide to sell short 100 shares at the current price of $100 per share. if the broker's initial margin requirement is 50% of the value of the short position. how high can the share price go before you get a margin call if the maintenance margin is 30% of the value of the short position?
The stock price will trigger a margin call when it reaches $57.69 or more.
What is the margin call?
A margin call happens when the amount of the broker's required margin is less than the percentage of the investor's equity in the margin account. Securities purchased with a combination of the investor's own funds and funds borrowed from the investor's broker are held in the margin account of the investor.
A broker's request for more funds or securities from an investor to bring the value of the investor's equity (and the account value) to a minimum amount specified by the maintenance requirement is known as a "margin call."
a. The initial margin is $2,500 or 50% of $5,000.
b. The total assets are $7,500 ($5,000 from the stock sale and $2,500 contributed as margin).
Liabilities are 100P.
Net worth is therefore ($7,500 - 100P). When P = $57.69 or more and $7500P - 100P/100P = 0.30, a margin call will be made.
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Correct question:
You are bearish on Telecom and decide to sell short 100 shares at the current market price of $50 per share.
a. How much in cash or securities must you put into your brokerage account if the broker’s initial margin requirement is 50% of the value of the short position?
b. How high can the price of the stock go before you get a margin call if the maintenance margin is 30% of the value of the short position?
which of the following is not a goal of audit planning? multiple choice to gain preliminary insight on the outcome of the audit. to determine materiality. to make sure that the firm has the appropriate staff to conduct the audit in accordance with the professional standards. to outline the specific audit procedures, including test of control and substantive tests that need to be executed properly in order to mitigate risk of material misstatement and be in compliance with the professional standards.
The objective of audit planning is not to ascertain materiality. It is the aim of the auditing process.
What is audit planning?
Both internal and external audit work heavily involves planning the audit. Effective audit planning will enable the auditor to reduce risks, increase audit effectiveness, and achieve their goal with the least amount of work. Auditors must create a thorough audit strategy to guarantee that all audit risks are identified and that the right auditing techniques are used to find any areas of concern. An effective strategic audit plan must be created by the auditor. We carry out various audit procedures in accordance with the audit planning in order to assess the materiality of various financial statement items.
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What does the time interest earned ratio measure?
The time's interest earned (TIE) ratio evaluates a company's ability to service its debt based on current income.
What is the time interest earned ratio?A company's capacity to make debt payments is gauged by its interest coverage ratio (ICR), also known as times interest earned (TIE).
EBIT or EBITDA divided by the total interest expense might be used to determine it.
Another debt ratio that gauges a company's long-term viability is the time's interest earned (TIE) ratio, which is sometimes referred to as the interest coverage ratio or fixed-charge coverage.
Based on current income, the time's interest earned (TIE) ratio assesses a company's capacity to service its debt.
Earnings before interest and taxes (EBIT) divided by the total interest due on bonds and other debt is the calculation for a company's TIE number.
Therefore, the time's interest earned (TIE) ratio evaluates a company's ability to service its debt based on current income.
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the highest form of competition is called a. monopolistic competition. b. arbitrage. c. equilibrium. d. perfect competition.
Option (d), Perfect competition is the most prestigious type of competition.
Is perfect competition extremely fierce?In an ideal market structure, there are no transaction costs and both producers and consumers have complete and symmetrical information. Many producers and buyers are competing with one another in this kind of circumstance.
Perfect competition is one economic concept of market structure. In marketplaces that are fiercely competitive and in which neither buyers nor sellers have an edge over one another, it is used by economists to analyze choices made and outcomes. In a market with perfect competition, all participants conduct honest transactions.
According to economic theory, perfect competition exists when all businesses sell the same goods, market share has no bearing on prices, businesses can enter or exit the market with no obstacles, consumers have complete or perfect knowledge, and businesses are powerless to set prices.
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if you deposit $500 into a certificate of deposit earning 5.4 percent, what would be your earnings after 12 months?
Using percentages we know that the earnings after 12 months will be of $27.
What is the percentage?By dividing the value by the entire value and multiplying the result by 100, one may determine the percentage.
In mathematics, a percentage is a number or ratio that is expressed as a fraction of 100.
The percentage calculation formula is (value/total value)100%.
So, we know that:
We deposited %500 into a certificate of deposit earning.
We got an interest of 5.4%.
The amount we will receive after 12 months will be:
500 / 100 * 5.4 = $27
Therefore, using percentages we know that the earnings after 12 months will be $27.
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How the classification of products is helpful to marketers?
Classifying products into meaningful categories helps marketers decide which strategies and methods will help promote a business's product or service.
What is the importance of classifying products?
Products are divided into four divisions mostly according to customer buying habits, brand similarity to competitors' brands, and price range. By classifying their products, marketing personnel can develop strategies that specifically address the wants of consumers.
To assist in creating a selling strategy, marketing professionals classify all consumer items into four categories: convenience, shopping, specialty, and unsought.
The classification of products using the proper commodity code is the first and arguably most important step in the import management process. These codes give customs agents information on the importation of goods, their acceptability, and any potential taxes that may be due. Importers who improperly classify their goods are in violation of the law.
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which term refers to strategic initiatives that lower-level employees undertake of their own volition, typically in response to unanticipated events? multiple choice question.
The term "autonomous activities" refers to strategic efforts that lower-level personnel carry out independently, usually in response to unexpected occurrences.
What is strategic behavior that is self-directed?A bottom-up, autonomous strategic process is used by a product champion to facilitate the marketing of an innovative good or service.
Up till it was a success on the market, they commercialized the product there. For instance, FedEx is viewed as taking an autonomous strategic decision when they launch their delivery service overnight.
Why is autonomy necessary?Workplace autonomy is essential for this reason. What is meant by workplace autonomy is allowing employees the ability to operate however they see fit. The way and when a task is completed is up to the employee who enjoys autonomy at work. Workplace autonomy will manifest itself differently depending on your industry.
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net income affects the ending balance of the statement of retained earnings by it. a) increasing b) decreasing c) reconciling
The net income affects ending balance of statement of retained earnings by increasing it.
What are retained earnings?The portion of a company's net income that is still available for use after dividends and other distributions have been made to investors is known as retained earnings. The corporation keeps the balance of this sum. A company may decide to donate excess retained revenues to projects that will aid in the development of the company. To ascertain whether a company is indeed profitable, look at retained earnings. Retained profits at year's end serve as a measure of a company's genuine value because they represent what is left over after all obligations have been satisfied. It is possible for a corporation to reinvest in itself if it has retained positive earnings, which indicates that it has extra money to spare.
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Which of these feature debt securities or instruments with maturities of one year or less? None of these are correct. Primary Markets Over the Counter Markets Money Markets Secondary Markets
Money Markets feature debt securities or instruments with maturities of one year or less. Money markets are the financial markets where financial securities are exchanged that have high liquidity and brief maturities, typically one year or less.
Treasury bills, certificates of deposit (CDs), commercial paper, and repurchase agreements are a few examples of money market instruments (repos). These financial products are viewed as low-risk, low-return investments. People, businesses, and governments frequently use money market investments as a way to generate a return on their money, manage their short-term liquidity needs, and park their cash for brief periods of time.
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assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate. labor hours needed to make 1 pound of pounds produced in 24 hours meat potatoes meat potatoes farmer 8 2 3 12 rancher 3 6 8 4 refer to table 3-4. the opportunity cost of 1 pound of meat for the rancher is
The opportunity cost of 1 pound of meat for the rancher is 4 Pounds of potatoes.
What is opportunity cost?The value of the next-highest-valued alternative use of a resource is what economists mean when they talk about its "opportunity cost." You cannot, for instance, read a book at home during the time you would have spent seeing a movie and spend the money you would have spent on something else.
The worth of what you forgo while deciding between two or more possibilities is known as opportunity cost. Every decision involves trade-offs, and opportunity cost refers to the gains you could have gained by going in one route rather than the other.
Thus, 4 Pounds of potatoes.
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to determine the cost of producing each job or job lot, companies use a: multiple choice question. cost and profit accounting system. general ledger cost accounting system. job order costing system. process costing system.
To determine the cost of producing each job or job lot, companies use a job order costing system.
Which costing system is it?
In order to keep track of a company's expenses, a costing system was created.
The system consists of a number of forms, procedures, checks, and reports that are made to compile and provide management with information on profits, expenses, and revenues.
Which costing technique is employed by businesses that operate on the basis of job work?
Using the job costing approach, one can calculate the price of particular jobs that are carried out in accordance with the customer's requirements.
It's a fundamental approach of costing that can be used in situations when the task is divided up into smaller projects or contract assignments.
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management at growing green, a company that markets organic and environmentally friendly gardening and landscaping supplies and equipment, is evaluating the benefits and disadvantages of indirect exporting, direct exporting, and licensing. in which stage of the international marketing process is growing green?
Growing Green is in the stage of deciding which market-entry strategy is best for the International marketing process.
A marketing principle known as "global marketing" aims to serve the various requirements and desires of people who live abroad and to carry out marketing activities in several countries. Target markets, contract formation, management, and establishment in a foreign country must all be considered when choosing a market entry plan. The manufacturer of organic and landscaping materials must first choose the technique to use in order to reap the greatest benefits, including economies of scale, lower market costs, the capacity to leverage ideas, the advantages of e-marketing, and the ability to build relationships with political arenas.
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when local governments temporarily invest tax revenues in financial markets until the funds are needed, they become a of loanable funds. multiple choice question.
Local government becomes a supplier of loanable money when it temporarily invests tax receipts in financial markets until the funds are needed.
What treasury issues do state governments produce?In India, the State Governments exclusively issue bonds or dated securities, which are referred to as State Development Loans, while the Central Government issues both Treasury Bills and Bonds or Dated Securities (SDLs).
Are investments in government bonds tax-free?If tax-free bonds are sold within a year, the buyer is responsible for paying taxes according to their income tax bracket. In contrast, if the bonds are held for more than a year in compliance with section 112 of the Income Tax Act, the tax payment on the returns will be 10% without indexation or 20% with the advantage of indexation.
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In Country T, it takes 10 resources to produce 1 ton of cocoa and 13.5 resources to produce 1 ton of rice. In Country Y, it takes 40 resources to produce 1 ton of cocoa and 20 resources to produce 1 ton of rice. Country T has a comparative advantage over Country Y in cocoa. This follows the theory of comparative advantage, and we can say that engaging in free trade benefits all countries that participate in it; however, this conclusion stems from which of these inaccurate assumptions?
We have assumed constant returns to scale.
We have assumed the prices of resources and exchange rates in the two countries are dynamic.
We have assumed there are barriers to the movement of resources from the production of one good to another within the same country.
We have assumed that agrarian nations do not specialize in producing particular products.
We have assumed diminishing returns to specialization
We have assumed there are barriers to the movement of resources from the production of one good to another within the same country. (Option D)
How do you explain the theory of comparative advantage?In the theory of comparative advantage, it is assumed that there are no barriers to the movement of resources from the production of one good to another within a country, or between countries. This is necessary for countries to be able to specialize in producing goods where they have a comparative advantage and to engage in trade with other countries.
If there were barriers to the movement of resources, it would affect the ability of countries to specialize in producing certain goods and engage in trade, and would thus impact the conclusion that free trade benefits all countries that participate in it.
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in the country of doran, all businesses are owned by the state. the government plans production, fixes commodity prices, and also directs investments to ensure they benefit the nation as a whole and not only a few individuals. what type of economy has the country of doran adopted? group of answer choices market mixed traditional command capitalist flag question: question 10 question 10
since the question states that the government owns the producing equipment in the blank.
What has grown as a result of globalisation in wealthy advanced economies?
The total amount of money made by a nation's population and enterprises is known as its gross national income (GNI), which can be used as an alternative to the GDP to quantify and track a country's wealth. Whom to Produce For: The distribution of income within an economy is the issue at hand. Whether to make goods for high-income or low-income groups is a concern. People's ability to purchase products is influenced by their amount of income.
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which should you do when evaluating alternatives? group of answer choices evaluate alternatives in an unstructured and creative manner evaluate alternatives relative to a satisfactory standard evaluate alternatives based on what will work evaluate alternatives in terms of individual preferences and organizational goals
What you should do when evaluating alternatives is to evaluate them against satisfactory criteria.
When evaluating alternatives, individuals should consider whether the alternatives are being evaluated in terms of (1) the expected impact, (2) the acceptance of the alternative by the parties involved, and (3) its compliance with organizational policies. must be verified.
Evaluating multiple options is important because the decision-making process may require multiple options. Certain criteria must be established to evaluate and compare each alternative. This provides a way to eliminate ineffective alternatives. Evaluating different options can help you know which ones are most likely to be successful in achieving your desired goals. The purpose of evaluating alternative courses of action is to select the most appropriate course of action to achieve organizational goals.
When evaluating alternatives, consumers often refer to the Evo, Inept, and Insert sets to help them make decisions. The brands and products consumers compare (their recall sets) represent the options they consider in their problem-solving process.
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job seekers should recognize that small businesses in the u.s.
Job seekers who are interested in working in international business should be aware that small enterprises make up around one-third of the country's exports.
What does "Global Business" mean?A company is considered global if it has operations (such as factories and distribution centres) in multiple countries. This is not like a global corporation that only operates in its home country but sells its products all over the world.
International trade, foreign direct investment, and international finance are the three primary subcategories of global business. International trade refers to the exchange of goods and services between nations. Foreign direct investment occurs when a company invests in a country other than its own.
Therefore, job seekers who want to work in global business should recognize that small businesses account for about 1/3 of the U.S.
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Your question is incomplete, but most probably the full question was,
Job seekers who want to work in global business should recognize that __________ businesses account for about 1/3 of the US.
Job seekers who want to work in global business should recognize that __________ businesses account for about 1/3 of the U.S.
Answer:
account for about 1/3 of the total US exports
Explanation:
g $200,000 in your retirement account, make no new contributions, and can earn 8% (annually), how long will it take you to reach your goal of $1,000,000?
We may use the compound interest calculation to calculate how long it will take to reach the target of $1,000,000 is 6.33 years.
When you earn interest on your interest earnings as well as the money you have saved, this is known as compound interest. The amount of the initial loan, or principal, is multiplied by one plus the annual interest rate raised to the number of compound periods minus one to determine compound interest.
You will then be left with the loan balance plus compound interest.
A = P * (1 + r/n)^(nt)
Where:
A = the final amount
P = the initial amount ($200,000)
r = the annual interest rate (8%)
n = the number of times interest is compounded in a year (usually assumed to be compounded annually, so n = 1)
t = the number of years
t = log(A/P) / log(1 + r/n)
t = log(1,000,000 / 200,000) / log(1 + 0.08 / 1)
t = log(5) / log(1.08)
t = 6.33 years
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for-profit organizations pursue several different types of goals such as profit, sales, market share, quality, customer satisfaction, employee welfare, and social responsibility. which of these statements is most accurate?
For-profit organizations pursue a variety of objectives, including Welfare is the most precise term.
Is choosing a market share target only important if you also have a profit goal in mind?Only after establishing profit as a goal can you meaningfully choose a market share objective. A company should choose just one objective to help it stay focused. Only nonprofit organizations are allowed to pursue civic conscience and employee welfare objectives.
Do achieving high customer satisfaction levels typically result in higher costs and lower profits?Goals for customer satisfaction are known to drive up costs and drive down earnings. The option of choosing responsibility to society and employee as objectives is only available to nonprofit enterprises. A company should choose just one objective to help it stay focused.
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which of the following negotiation/conflict handling styles would be most appropriate in a situation in which a person must maximize his or her outcome and the relationship with the other person (and his or her outcome) is not important? accommodation competition avoidance collaboration/problem-solving
Competition is the negotiation/conflict handling styles would be most appropriate in a situation in which a person must maximize his or her outcome and the relationship with the other person (and his or her outcome) is not important
The accommodation concession/ conflict running style is characterized by a collaborative station and an emphasis on chancing a result to a given problem. This style of concession seeks to prioritize the requirements of the other party over one's own requirements, frequently performing in a palm- palm outgrowth.
There are five primary negotiation styles: accommodating, avoiding, collaborating, competing, and compromising. A successful negotiation often consists of one or more of these different negotiation styles.
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the collection, deployment, and interpretation of information that allow a business to acquire, develop, and retain its customers is known as .
Customer relationship management (CRM).The goal of customer relationship management (CRM), a corporate approach, is to increase customer loyalty and satisfaction.
It entails the gathering, storing, analysing, and use of data and information regarding clients and their interactions with a business. Purchase history, customer service encounters, and communication preferences are just a few examples of this data. CRM aims to use this data to tailor the customer experience and strengthen relationships with existing and potential consumers. This may lead to higher client satisfaction and loyalty as well as better sales and customer retention. Companies often manage customer interactions and relationships using a combination of technology, such as customer relationship management software, and data-driven processes.
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which category of roles does sara the store manager use when she makes up the weekly schedule for her employees? group of answer choices directive interpersonal decisional informational
Sara the store manager uses when she makes up the weekly schedule for her employees uses directive decisional.
The correct answer is option A.
Their opinions are embedded in their own knowledge, experience, and explanation, rather than going to others for further information. The downside to this style is decision- timber is quick, power is clear, and it does not bear redundant communication. The directive decision- making style uses hot, decisive thinking to come to a result. A directive decision- maker has a low forbearance for unclear or nebulous ideas. They are concentrated on the task and will use their own knowledge and judgment to come to a conclusion with picky input from other individualities. Directive leaders take responsibility for decision- making rather than uniting with their platoon or incorporating hand feedback. They tell their followers what needs to be done and how it needs to be done, rather than letting them make their own opinions or choose their own path for negotiating tasks.
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when looking for growth opportunities through diversification analysis, the term market penetration refers to the strategy of:
The answer is selling more of one's current product in current markets, the term market penetration refers to the strategy of selling more of one's current product in current markets.
What is a market, exactly?Definition: The entire number of buyers and sellers in the area or region under consideration is the market. The region might be the entire planet, or it could be made up of several nations, states, or cities. A market's supply and demand factors determine the worth, cost, and price of the goods sold.
The significance of market definitionIn the analysis of mergers and the majority of antitrust proceedings, market definition is a crucial initial step. It does so by establishing the parameters of corporate rivalry.
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a production possibilities frontier with increasing opportunity cost is considered: question 14 options: a) horizontal. b) a straight line. c) bowed. d) convex.
The correct option d. a straight line; The production opportunities frontier would be a straight line if more units of a good could've been produced at the a constant opportunity cost.
Explain the term Production Possibility Curve?Production Potential Curve is characterized as even the curve or graphs that represents all the production options available to the manufacturer. With a rise or a decrease in the producer's resources, this curve's shape may alter.That production possibility curve is going to be straight line as there was no change with in cost of producing the items, making option d the optimal choice when the production just on PPF can be increased without changing the opportunity cost.
Reasons for choosing incorrectly
Because of curve will still not bowl outward, option a) is erroneous.Since this curve will still not bowl inwards as much, option b) is incorrect.Because the curve won't be favourably sloping, option c) is untrue.To know more about the Production Possibility Curve, here
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The correct question is-
While producing on the production possibilities frontier, if additional units of a good could be produced at a constant opportunity cost, the production possibilities frontier would be:
a. bowed outward
b. bowed inward
c. positively sloped
d. a straight line
if prices are fully flexible and can adjust freely to unexpected changes in demand, then the economy will
If prices are fully flexible and can adjust freely to unexpected changes in demand, then the economy will produce its optimal capacity because the quantity demanded will equal the quantity supplied.
Price flexibility ensures that aggregate output in the long run equals output at full employment. Changes in the price level, in particular, are met by commensurate changes in resource prices, particularly salaries.
A higher or lower price level may cause a temporary increase or drop in real output, above or below full-employment, but in the long run, resource prices adjust and full-employment production is maintained.
If prices are not flexible, if the price of Stuffed Amigos does not fall, if the prices of other items do not fall, and if wages paid to Stuffed Amigos producing labor do not change, the Stuffed Amigos market will not return to its original full-employment equilibrium level.
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professional skepticism dictates that when management makes a statement to the auditors, the auditors should
Professional scepticism requires the auditor to pay attention to management claims while also attempting to verify the facts with documentary evidence.
Professional scepticism is described by the International Standards on Attitudes (ISAs) as "an attitude that comprises a questioning mind, being alert to conditions which may signal possible management due to error or fraud, and a critical examination of audit evidence." The auditor does not presuppose that management is dishonest or that honesty is unquestionable. Because they believe that management is being honest, auditors should not settle for less-than-persuasive evidence when using professional scepticism. Professional scepticism is described by the professional standards as "a mindset that involves a questioning mind, being sensitive to conditions that may signal possible misrepresentation due to fraud or error.
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