Answer: large lot sizes to save on setup costs and to gain quantity discounts.
Explanation:
Just in time is the kind of system where your material or component arrives just when you require them and does not take up time. This is helpful in saving storage cost. Just in time however, does not include large lot sizes to save on setup costs and to gain quantity discounts.
In Geoffrey Chaucer's time, the makers of the fine objects we can see today in the world's great art museums learned their trade in associations called ______.a. clubsb. workhousesc. schoolsd. guildse. none of these
Answer:
D) guilds
Explanation:
New members would usually start as apprentices, and learn from other master members during a relatively long period of time. Apprentices were usually teenagers when they entered a guild and the learning period lasted up to 14 years. Once the apprentice mastered the crafting techniques, he became a master member.
Guilds were very important and powerful in medieval Europe from the 11th to 16th century. They were able to limit specialized labor, set prices and define tools and techniques.
Merv's Hardware, a small family-owned store in Middletown, sells a 100-pack of garnet sandpaper for $35. The Home Shoppe, a large retail hardware chain in neighboring Morristown, sells the same product for $29. Based on this scenario, what would you expect Merv's immediate response to be?a) Merv will remove his advertisements and rely on word of mouth.b) Merv will reduce his price to respond to the price competition from the Home Shoppe.c) The Home Shoppe will initiate a non-price competition with Merv.d) The Home Shoppe will raise its price to respond to the price competition from Merv.
Answer: Merv will reduce his price to respond to the price competition from the Home Shoppe.
Explanation: Ideally, people always look for the best deal they can get. The home shoppe offers the same product for less price. Customers will naturally troop to the home shoppe because of the lower price of garnet sandpaper. In order for Merv to compete with a big store, he has to start with his prices first.
When Jim, Jill, and Jeri take ownership to a Bakersfield home, they hold their ownership concurrently. Jim has the greatest proportion, with 45%, while Jill holds 30% and Jeri the last 25%. They each have the right to individually possess, will, or sell their interest. This is known as?
Answer:
Tenancy in Common
Explanation:
A common tenancy (TIC) is among three forms of concurrent property (defined as a common-owned property in which each owner owns a share of the estate). The other two styles are a joint tenancy and tenancy by the entirety.
A common tenancy does not typically have the right to survivorship. It means that if A and B are shared tenants of an Estate, and A dies, then A's share will not go to B. Rather, the share of A goes to the selected party in the will of A.
Final answer:
Jim, Jill, and Jeri's ownership situation, where they can individually possess, will, or sell their share of a property, is known as tenancy in common, a form of concurrent ownership.
Explanation:
When Jim, Jill, and Jeri hold concurrent ownership to the Bakersfield home, where Jim has a 45% proportion, Jill holds 30%, and Jeri the remaining 25%, and they each have the right to individually possess, will, or sell their interest, this type of property ownership is known as tenancy in common. Tenancy in common is a form of ownership whereby each owner possesses a fractional share of the entire property and has the right to transfer their share independently of the other owners.
A. Both forward and futures contracts are traded on exchanges.
B. Forward contracts are traded on exchanges, but futures contracts are not.
C. Futures contracts are traded on exchanges, but forward contracts are not.
D. Neither futures contracts nor forward contracts are traded on exchanges.
Futures contracts are traded on exchanges while forward contracts are not. Futures contracts are standardized and publicly traded on futures exchanges while forward contracts are private agreements traded over the counter.
Explanation:The correct answer is C: Futures contracts are traded on exchanges, but forward contracts are not.
Futures contracts are standardized agreements to buy or sell an asset at a predetermined price on a specified future date, and they are traded on futures exchanges. These exchanges provide the marketplace where these contracts are bought and sold, thus making them easily accessible to interested parties.
In contrast, forward contracts also involve an agreement to buy or sell an asset at a predetermined price on a specified future date. However, forward contracts are not traded on exchanges. Instead, they are private agreements between two parties and are contracted in the over-the-counter (OTC) market where they can be customized to fit the specific needs of the contracting parties.
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The asset account, Office Supplies had a beginning balance of $5,300. During the accounting period, office supplies were purchased, on account, for $4,900. A physical count, on the last day of the accounting period, shows $2,300 of office supplies on hand. What is the amount of Supplies Expense for the accounting period? A) $3,000 B) $7,900 C) $4,900 D) $2,700
The amount of supplies Expense for the accounting period is $7900. Option B is correct.
An asset account is an account used to keep track of a company's assets. A capital expense is referred to as a capitalized expense when it is charged to an asset account. The amount of assets that the owner brought into the company is reflected in the asset account.
Given,
Beginning balance of supplies = $5,300
Office supplies purchased during the accounting period = $4900
Office supplies at the end of the accounting period = $2300
Calculate Amount of supplies Expense for the accounting period:
= Beginning balance + Office supplies purchased - Office supplies at the end of the accounting period
= $5,300 + $4900 - $2300
= $7900
Thus, $7900 is the amount of Supplies Expense for the accounting period.
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The Supplies Expense for the accounting period is calculated by summing the beginning balance and purchases, and then subtracting the ending balance. In this case, the Supplies Expense is $7,900 (option B).
Explanation:The calculation of the Supplies Expense for the accounting period is determined by using the following formula: Beginning Balance + Purchases – Ending Balance. In this scenario, the beginning balance is $5,300 and during the accounting period, additional office supplies were purchased on account for $4,900. Finally, at the end of the accounting period, a physical count shows $2,300 of office supplies on hand. Therefore, the Supplies Expense would be calculated as follows: $5,300 (Beginning balance) + $4,900 (Purchases) - $2,300 (Ending balance) = $7,900
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Megan Cardova, who works as a sales executive at Orbit Bank, has been failing to meet her sales targets for the last 10 months. Recently, she had a face-to-face discussion with her manager where she said that the unrealistic targets were the reason for her underperformance. The manager, however, noticed that all the other team members were achieving their targets and sometimes were even achieving more than the set numbers. Which of the following is Cardova's behavior most likely to be characterized by according to the attribution theory?
A) low distinctiveness
B) high rigidity
C) high traceability
D) low consensus
E) low consistency
Answer:
(d) Low consensus
Explanation:
When there's an consensus, everybody concurs on something.Whenever there's difference, there's no consensus.
Consensus implies everybody is in agreement.
At the point when you're discussing every one of the individuals on the planet, it's elusive an accord on anything. There are simply such a large number of conclusions.
At the time of its uprising, the Industrial Revolution changed the nature of __________ in society.
Answer:
division of labor
Explanation:
At the time of its uprising, the Industrial Revolution changed the nature of division of labor in society. This refers to the concept of dividing the production of a product within the manufacturing process into various different stages. This concept or strategy helps workers focus specifically on a single task which increases performance, and thus profit for the company.
In an open economy, as the price level increases, a(n) ____ in demand in the quantity of domestic goods results in a(n) ____ in the quantity of GDP demanded.
a. decrease, decrease
b. increase, increase
c. decrease, increase
d. increase, decrease
Answer:
a. decrease, decrease
Explanation:
When prices increase, domestic goods becomes more expensive and the quantity of domestic goods demanded falls and export falls.
Therefore, because of the decease in quantity of domestic goods demanded, the quantity of GDP demanded falls.
I hope my answer helps you
In a trust, an estate, or other property or money, is given to a person or institution to manage. True False
Answer:
i would say true
Explanation:
a trust fund is given to a person or lawyer
an estate has an estate manager
most property is owned by a person or the bank
and the same with money is owned by a company or bank
Answer:
True
Explanation:
The project scope statement should reference supporting documents, such as product specifications that will affect what products are produced or purchased, or corporate policies, which might affect how products or services are produced. True or false?
Answer:
True
Explanation:
A project scope statement describes the parts of a project: the milestones, requirements and boundaries.
Which of the following is a result of over-diversification through acquisition? Select one:
1. Corporate-level executives will have a rich understanding of all of the firm’s business units
2. Corporate-level executives tend to rely on strategic control when evaluating their business units’ performance.
3. Firms use acquisition as a substitute for innovation.
4. Managers become long-term in their orientation.
Answer:
3) Corporations use acquisition as a substitute for innovation.
Explanation:
The fastest way in which a corporation can enter a new market or develop new products is through buying existing companies that already operate in the new target markets or have developed the new products that the corporation wishes to sell.
Research and development is very costly and time consuming, and on many occasions the results aren't even good or are not as good as expected. By acquiring a smaller company that has already developed the product, then the corporation might even save money.
Over-diversification through acquisition can result in executives having a weaker understanding of all business units due to the complexity and increased management layers, leading to a reliance on strategic control for performance evaluation and potentially using acquisition as a substitute for innovation.
One of the results of over-diversification through acquisition is that corporate-level executives might not have a deep understanding of each individual business unit due to the complexity and sheer number of those units. When a firm grows too large through acquisitions or mergers, there can be a duplication of services and an increase in management layers, which leads to communication complexity and possibly information overload. This complexity can detract from an executive's rich understanding of each business's specific needs and performance, and instead, they may have to rely more on strategic control mechanisms to evaluate performance. Additionally, the engagement in frequent acquisitions could mean the firm is using acquisitions as a substitute for innovation, rather than focusing on organic growth and innovation within their existing lines of business.
Which of the following multinational corporations (MNCs) places local nationals in key positions and allows these managers to appoint and develop their own people? . a) Regiocentric multinational corporations (MNCs) b) Ethnocentric multinational corporations (MNCs) c) Polycentric multinational corporations (MNCs) d) Globalcentric multinational corporations (MNCs).
Answer:
C) Polycentric multinational corporations (MNCs)
Explanation:
The word Polycentric comes from the Greek pólus "many", and kentrikós "center", therefore, a polycentric multinational corporation is a corporation that:
Is present in two or more nations, therefore, it is referred to as "multinational".Has many "centers" of operation, therefore, it is referred to as "polycentric".A polycentric multinational corporation (MNCs) establishes local people in the top management positions in each country. This can result in a more rapid adaptation to the foreign market.
Final answer:
Polycentric MNCs hire local nationals for key managerial positions, allowing these managers to appoint and develop their own people, understanding that this approach can be more culturally and contextually appropriate.
Explanation:
The multinational corporation (MNC) that places local nationals in key positions and allows these managers to appoint and develop their own people fits the description of a polycentric multinational corporation (MNC). Polycentric MNCs operate under the philosophy that the managerial and business strategies that work in one country will not necessarily be successful elsewhere. They use a host country-focused approach, meaning they hire management from within the host country to run the operations there, with the idea that locals will better understand the culture and environment. The correct answer to the student's question is c) Polycentric multinational corporations (MNCs).
A financial services firm decided to assess the return on its social investment in an educational program in local schools. As part of its assessment, it measured the improvement in learning among students who had participated in the program, compared with the learning of students who had not.
Which of the following elements was assessed?
a) Inputs
b) Impacts
c) Outputs
d) Value Creation
Answer: value creation
Explanation: In simple words, value creation refers to the process in which an organisation assess its results of any activity or an operation dun, to assess whether the expected results are achieved for improvement or not.
Value creation is done by the organisation to gain better results in their overall operation for a long time. This process can be done by any organisation for any subject like improving technical skills, administrative skills or for knowledge improvement etc.
Hence from the above we can conclude that the correct option is D.
The element assessed by the financial services firm in measuring the success of the educational program in local schools is 'impacts', which relate to the longer-term effects of the program on the learning outcomes of the participating students. Hence, correct option B.
The financial services firm, in assessing the return on its social investment in an educational program, measured the improvement in learning among students who had participated in the program versus those who did not. This assessment falls under the element of impacts. The term 'impacts' refers to the longer-term effects of the program's outputs on its recipients, in this case, the students. Here, the focus was on evaluating the effectiveness of the program in improving student learning outcomes, which is central to understanding the overall success and value creation of the social investment.
Unlike inputs, which are the resources needed to execute the program, or outputs, which are the immediate tangible results of program activities, impacts assess changes that occur as a result of the program or intervention.
Regarding competitive strategies, companies seek efficient manufacturing and productive employees to achieve ___________.
A. low-cost leadership.
B. focused differentiation.
C. global operations.
D. differentiation.
Answer:
D. differentiation.
Explanation:
Option A - Low-cost leadership refers to the strategy in which the customers are getting the products at a low cost. Companies seek to achieve cost leadership, but with efficient manufacturing and productive employees cannot help them to achieve that.
Options B and C - With local employees, it is challenging to achieve global operation, and focused differentiation is the selling of unique products to the customers. So, those are wrong answers.
Option D - With the help of differentiation strategy, companies seek effective manufacturing and productive employees to attract customers to take their products from the thousands of products in the market. Therefore, it is the correct answer.
A mutual fund manager would use beta as part of the analysis of the funds performance in order to ___________.
Answer:
A mutual fund manager would use beta as part of the analysis of the fund performance in order to measure systematic risk.
Explanation:
Systematic risk is a risk that is not diversifiable and market imposed. It is measured by beta. A mutual fund manager uses beta as part of the analysis so as to measure systematic risk.
Alcide mining company purchased land on february 1, 2017, at a cost of $1,190,000. it estimated that a total of 60,000 tons of mineral was available for mining. after it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws. it estimates the fair value of this restoration obligation at $90,000. it believes it will be able to sell the property afterwards for $100,000. it incurred developmental costs of $200,000 before it was able to do any mining. in 2017, resources removed totaled 30,000 tons. the company sold 22,000 tons.
Answer:
COGS: 22,000 x $23 = 506,000
Ending Inventory: 8,000 x $23 = 184,000
Explanation:
acquisition cost: 1,190,000
development cost: 200,000
restoration cost: 90,000
salvage value: (100,000)
depreciable amount 1,380,000
1,380,000 / 60,000 tons = 23 dollars per ton:
COGS: 22,000 x $23 = 506,000
Ending Inventory: 8,000 x $23 = 184,000
Euphrasia, a mixed open economy, was severely affected by a recession that almost paralyzed its service sector. The Euphrasian government announced a fiscal stimulus package of $15,000 billion to boost economic growth. GDP of the economy was expected to increase by 2.5 percent during the following year after the implementation of the fiscal stimulus package. However, it was observed that instead of increasing, the GDP of Euphrasia actually declined by 0.75 percent that year. Which of the following, if true, will explain this outcome? a. A number of public sector enterprises in Euphrasia were privatized. b. One of Euphrasia's neighboring countries, which is a closed economy, experienced a sudden decline in output and prices. c. The gross saving rate in the economy declined during that year. d. Euphrasia's population increased by 4.5 percent that year. e. Oil imports declined as countries exporting oil reduced supply.
Answer:
E) Oil imports declined as countries exporting oil reduced supply.
Explanation:
Oil is extremely important for industrialized nations and since Euphrasia is a mixed open economy, we can assume that it is an industrialized nation. Oil has become the most important energy source for more than 60 years and is the raw material for manufacturing plastic.
During the 1970s and early 1980s the American economy was shattered by an increase in the price of foreign oil and a decrease in its domestic production levels. The importance of oil is also why so many modern wars have been fought over oil production and reserves.
In the "social accounts", Net National Product ________ Indirect Business Tax (sales taxes) yields National Income (NI).
1. minus
2. plus
3. divided by
4. multiplied by
Answer:
Minus
Explanation:
Gross Domestic Product (GDP) is the aggregate of the market value of all the final goods and services produced in an economy in a given period.
Gross National Product( GNP): measures the market value of all the final goods and services produced by the citizens (nationals) of a country irrespective of where they reside. Also, incomes generated by foreigners are subtracted from the aggregate because they are not nationals.
GNP= GDP + Incomes earned by nationals from abroad - Incomes generated by foreigners
Net National Product (NNP) ; This accounts for the total value created in the economy after the depletion in capital has been accounted for. Production activities result in consumption and depletion in capital stocks (machines, roads and other infrastructures). To ensure that the economy restores its stock of capital after the accounting period, an amount for capital consumption is deducted from the aggregate income. It is called capital allowance or depreciation.
NNP= GNP - Depreciation
National Income (NI) aggregates all the incomes earned by all the economic agents in the economy. Using the expenditure approach, it is the case that money received by firms for the exchange of their goods and services are usually inclusive of consumption taxes- indirect taxes. These taxes are not part of the incomes earned by the firms, rather they are remitted to the government.
So indirect taxes are deducted from the aggregate to arrive at the National Income
Below are transactions for Lobos, Inc., during the month of December. Calculate the amount of revenue to recognize in December.
A. Receive $1,200 cash from customers for services to be provided next month.
B. Perform $900 of services during the month and bill customers.
C. Customers are expected to pay next month.
D. Perform $2,300 of services during the month and receive full cash payment from customers at the time of service.
Answer:
$ 3,200
Explanation:
As per the accrual principle, income and expenses are recognized when they are incurred, regardless of whether payment has been made or received. For example, expenses are recognized when a product is bought, or service utilized even if payment has not been made.
For Lobos Inc., income for December will be
$ 900 of services to customers and payment expected next month
$ 2300 services performed and paid in December
The $1200 payment for next month is not an income for December. The services have not been performed; hence income cannot be recognized.
Total income will be $900 + $2300= $ 3,200
The following transactions occur for the Wolf pack Shoe Company during the month of June:________.
A. Provide services to customers for $28,000 and receive cash.
B. Purchase office supplies on account for $18,000.
C. Pay $6,600 in salaries to employees for work performed during the month.
Answer:
Debit Credit
A. Cash $28,000
Sales $28,000
B. Office Expenses $18,000
A/c Payable $18,000
C. Salaries Expenses $6,600
Cash/Bank $6,600
Explanation:
Accounting double entry rules are follows:
Debit: Increase in Assets, Increase in Expenses. (vice versa in credit side)
Credit: Increase in Liability, Increase in income, Increase in capital. (vice versa in debit side)
A. When services are provided it is recorded as an income on the credit side and cash received against the services are recorded in the debit side as it a current asset. (provided that the services provided and consumed are not for more than one month)
B. Office supplies are the office day to day expenses which needs to be recorded on the debit side. while on account payment is recorded on the credit side as a liability.
C. Salaries are expenses which needs to be recorded on the debit side and cash or bank will be credited as decrease in assets.
Cat's Coaster Company uses cork in all of the protective drink coasters that it manufactures. If Cat's enters into an agreement with a cork exporter from Portugal to purchase all of the cork it needs to produce its products, this would be
If Cat's Coaster Company enters into an agreement with a cork exporter from Portugal to purchase all of the cork it needs to produce its products, this would be considered a form of outsourcing.
Explanation:If Cat's Coaster Company enters into an agreement with a cork exporter from Portugal to purchase all of the cork it needs to produce its products, this would be considered a form of outsourcing. Outsourcing is the practice of contracting with an external supplier or company to perform certain tasks or provide goods or services that were previously produced in-house.
In this case, Cat's Coaster Company is relying on the cork exporter from Portugal to supply the cork it needs instead of producing it internally. This decision may be driven by factors such as cost-effectiveness, quality, or availability of cork. By outsourcing the procurement of cork, Cat's Coaster Company can focus on its core competencies and allocate resources more efficiently.
What is the term given to mortgage loan costs such as pest inspections, survey fees, and title insurance?
Answer:
Services the borrower did shop for, that the buyer may find on his own.
Explanation:
Services such as a pest inspection or title insurance are services that the buyer of a house usually want, but are not mandatory for them to purchase. Therefore usually buyers must search for them on their own since they are not required by a bank.
They are different than services that a lender requires like home insurance, which a buyer must purchase.
Cindy is a baker and runs a large cupcake shop. She has already hired 11 employees and is thinking of hiring a 12th. Cindy estimates that a 12th worker would cost her $100 per day in wages and benefits while increasing her total revenue from $2,600 per day to $2,750 per day.
Should Cindy hire a 12th worker?
a. Yes
b. No
c. You need more information to figure this out
Answer:
A: Yes
Explanation:
The additional worker would cost $100 per day i.e. Marginal Cost = $100
Whereas the Marginal Revenue = (2,750-2,600) = $150
Since Marginal revenue exceeds marginal cost by (150-100) = $50, Cindy should hire 12th worker.
The supply of "cash" (paper and coin) is produced by the U.S. Mint and the Bureau of Engraving, but the _________________ controls the distribution of the money to financial institutions..
Answer:
Federal Reserve
Explanation:
The Federal Reserve (FED) distributes new currency through its 12 Federal Reserve Banks. Depository institutions (e.g. savings bank, commercial bank, savings and loan association, or credit union) buy currency from the Federal Reserve Banks when they need extra cash and they deposit cash when they have too much cash.
Answer:
Federal Reserve
Explanation:
The Federal Reserve is the United States central bank and it has different responsabilities like managing the monetary policy of the country, guarantee the stability of the financial system, supervise financial institutions and provide financial services. The Federal Rserve takes care of providing money to banks and it stores currency and making loans for these institutions to be able to meet the reserve requirements. According to this, the answer is that the Federal Reserve controls the distribution of the money to financial institutions.
One reason a long-tenured top-level manager may hesitate to conclude the firm's structure is a problem is that doing so: a. suggests that the firm's previous choices were not the best ones. b. will only lead to inefficiencies. c. indicates to competitors that the firm is vulnerable to a hostile takeover. d. requires that the firm undertake a multi-year restructuring period that will delay retirement.
Answer: suggests that the firm's previous choices were not the best ones.
Explanation: For a long-tenured top-level manager to make such proclamation, shows the inefficiencies of the firm which he is a part of. He obviously has been with the firm for a very long time and making that proclamation will also be a dent in his image as a manager.
IKEA advertises throughout the year, but significantly increases its advertising during the back-to-school time frame, thus implementing a ________ advertising schedule.
Answer:
Pulsing
Explanation:
Pulsing is the combination of flighting and persistent booking by utilizing a low promoting level lasting through the year and substantial publicizing during top selling periods.
Product classes that are sold all year yet experience a flood in deals at irregular periods are great possibility for beating.
XYZ Escrow has been turned down in its application for an escrow license. What could be the reasoning behind the denial of the license to XYZ?A. XYZ Escrow could not prove it was financially solvent and was unable to furnish a surety bond of at least $100,000.B. XYZ Escrow could not prove it was financially solvent and was unable to furnish a surety bond of at least $25,000, or more, based upon the yearly average trust obligations.C. XYZ Escrow placed funds in a trust account that was exempt from execution or attachment.D. XYZ Escrow could not prove it was financially solvent and furnish bonds of indemnification for all employees of at least $25,000.
Answer:
B) XYZ Escrow could not prove it was financially solvent and was unable to furnish a surety bond of at least $25,000, or more, based upon the yearly average trust obligations.
Explanation:
Escrows duties require them to safe keep funds from third parties involved in sales contracts, therefore escrow companies should be solvent.
Imagine you are a client that needs to deposit $20,000 as earnest money for the purchase of a house. Would you be OK to deposit the money into an escrow company that has $0, or would you prefer to deposit your money with another escrow that is solvent. By requiring escrow companies some minimum level of solvency, that should guarantee that they will not use the money deposited to cover their own expenses.
A lender offers an investor a maximum 70% LTV loan on the appraised value of a property. If the investor pays $230,000 for the property, and this is 15% more than the appraised value, how much will the investor have to pay as a down payment?
Answer:
the correct answer is
First, the sale price is 115% of the appraised value, so the appraised value is $230,000 / 115%, or $200,000. The lender will lend $140,000 (70% of appraised value), so the investor will have to come up with $90,000 ($230,000 - $140,000).
good luck
Final answer:
The investor will have to pay a down payment of $90,000, calculated by finding the appraised value ($200,000) and subtracting 70% of this value ($140,000) from the purchase price ($230,000).
Explanation:
To calculate how much the investor will have to pay as a down payment, we first need to determine the actual appraised value of the property. Since $230,000 is 15% more than the appraised value, we can find the appraised value by dividing $230,000 by 1.15:
Appraised Value = $230,000 / 1.15 = $200,000
Next, we need to calculate the maximum loan amount the lender will offer, which is 70% of the appraised value (the Loan-to-Value ratio, or LTV):
Maximum Loan Amount = 70% of Appraised Value = 0.70 * $200,000 = $140,000
Since the maximum loan amount is $140,000 and the investor pays $230,000 for the property, the down payment would be the difference:
Down Payment = Purchase Price - Maximum Loan Amount = $230,000 - $140,000 = $90,000
Thus, the investor will need to pay $90,000 as a down payment.
As you move up a linear demand curve, the price elasticity of demand in absolute value__________.
Answer:
As you move up a linear demand curve, the price elasticity of demand in absolute value decrease
Explanation:
solution
when we draw a graph between price and quantity
we can see there when we move down in a linear demand curve
than price elasticity of demand is decreases
as elastic demand is = [tex]\frac{lower\ segment}{upper\ segment}[/tex] .................1
so we can see when move down demand is decreases
so here correct fill up is decrease
Which of the following is true of currently attainable standards? a.Currently attainable standards can be achieved under efficient operating conditions. b.Currently attainable standards demand maximum sales price. c.Currently attainable standards do not allow for normal breakdowns, interruptions, and less than perfect skill. d.Currently attainable standards demand maximum efficiency.
Answer: a).
Currently attainable standards can be achieved under efficient operating conditions.
Explanation: currently attainable standards are standards which have been found to be achievable considering the current prevailing circumstances,this standards re usually set up for use in the short term it is not expected be achievable during the long term.
Currently achievable standards are always difficult to achieve but if resources are efficiently managed/ used it will be achieved. Currently achievable standards are usually set to evaluate performance especially in cost,time and materials management.
Final answer:
The true statement about currently attainable standards is that they can be reached under efficient operating conditions. They incorporate realistic expectations of operational variables and aim for productive efficiency and allocative efficiency in a perfectly competitive market.
Explanation:
The question asks which statement is true regarding currently attainable standards. The correct answer is: a. Currently attainable standards can be achieved under efficient operating conditions. These standards anticipate normal breakdowns, interruptions, and account for human capabilities, aiming for efficiency without expecting perfection. Currently attainable standards focus on producing without waste and selling goods at the lowest possible average cost, known as productive efficiency. On the production possibility frontier, this efficiency is achieved when the market price equals the minimum of the long-run average cost curve in a perfectly competitive market. In contrast to productive efficiency, allocative efficiency ensures resources are allocated to their best alternative use, providing maximum societal satisfaction. An analysis of other market structures using these concepts can determine if they're less efficient, or 'imperfect,' in comparison to the 'perfect' competitive market