a perfectly competitive firm sells its good for $18. if marginal cost is six times the quantity produced, how much does the firm produce? why?
Answers
When MR = MC = P, the firm is producing, assuming perfect competition. Price is $18, thus MR is also $18. It is making 3 units if MC is six times the quantity.
What is the marginal cost?In economics, the technique of fixing a product's price to cover the additional expense of generating an additional unit of output is known as marginal cost pricing. This policy limits the producer's ability to charge for each unit of a product sold to the addition to the total cost attributable to materials and direct labor.
How do you estimate marginal cost?The additional costs spent by manufacturing more units of an item or service are known as marginal costs. By dividing the overall variation in the cost of manufacturing additional items by the variation in the amount of goods produced, it is determined.
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Related Questions
Construct a communication plan for a fictitious entity. Include
the following information: who, why is the excommunication
necessary, in what form, and a schedule.
Answers
the communication plan aims to ensure that all employees are aware of the new safety policy and understand their role in complying with the safety guidelines.
Communication Plan for Fictitious Entity
Who: All employees of XYZ Corporation
Why: XYZ Corporation has decided to implement a new policy regarding workplace safety. The policy will require all employees to undergo safety training and comply with safety guidelines while at work. The communication plan is necessary to inform employees about the new policy, its benefits, and the changes that they will need to make to comply with the policy.
Form: The communication plan will include the following forms of communication:
Email: An email will be sent to all employees to introduce the new safety policy and explain its benefits. The email will also provide a link to a detailed safety manual that outlines the safety guidelines and procedures.
Training: Employees will be required to attend safety training sessions that will be conducted by a safety expert. The training sessions will provide employees with the necessary information to comply with the safety guidelines and procedures.
Meetings: Meetings will be conducted with department heads and managers to discuss the implementation of the new policy and to address any concerns or questions that they may have. Managers will be responsible for communicating the policy changes to their teams and ensuring that they comply with the safety guidelines.
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when blueberry designs launched their online delivery portal, they emphasized their expansion from designer wear into sportswear and activewear. they included in their message the number of consumers who have switched to blueberry designs brand because it stands for quality. blueberry designs is demonstrating group of answer choices price appeal advertising appeal product/service popularity appeal emotional appeal
Answers
When blueberry Design launched its online delivery portal, it emphasized its expansion from designer wear into sportswear and activewear. they included in their message the number of consumers who have switched to the blueberry designs brand because it stands for quality. blueberry designs is demonstrating product/service popularity appeal. Option C
What is product/service popularity appeal?Generally, An appeal to popularity makes the assumption that there is no way that a significant number of customers could all be mistaken about the quality or worth of the product or service being advertised.
On the other hand, it is not impossible for a big number of individuals to be mistaken, particularly if only a small percentage of customers investigate their available choices before making a purchase.
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_______ is a likely consequence of an internal equity perception. a)attraction of efficient employees b)retention of quality employees c)labor costs d)job rotation e)pay scales of competitors
Answers
Answer:Job rotation is a likely consequence of an internal equity perception
Explanation:Internal equity refers to the employee' s perception of being treated in the same way as the other employees whether be salary or any other additional perks given by the organization at the same position.It helps to boost retention and mitigated risk of discrimination lawsuits and gender pay gap.
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equity in a firm with debt is called: group of answer choices levered equity. riskless equity. unlevered equity. risky equity.
Answers
Equity in a firm that has debt is referred to as levered equity. This is because the firm's capital structure has a combination of both equity and debt, which means that the equity holders face more risk compared to those of an unlevered firm.
The presence of debt creates financial leverage, which magnifies the potential returns for the equity holders.
However, it also exposes them to greater risk as they have to share the firm's profits with the debt holders. The more debt a firm has, the more levered its equity becomes, and the riskier it is for the equity holders. On the other hand, unlevered equity refers to equity in a firm that has no debt, meaning it has no financial leverage. It is considered riskless equity because the equity holders are not exposed to the financial risk of debt. The returns on unlevered equity are relatively lower compared to levered equity, as there is no magnification of potential returns. Risky equity is a term used to describe equity in a firm that is exposed to a high degree of risk. This can result from various factors such as market fluctuations, operational risks, or financial risks. The higher the degree of risk, the higher the potential returns, but also the greater the potential losses. In conclusion, equity in a firm with debt is referred to as levered equity. The presence of debt creates financial leverage, which magnifies potential returns and also exposes equity holders to greater risk.Know more about the levered equity
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which of the promotion methods is the most precise?
Answers
The line on a supply curve moves in which direction?
Responses
upward and to the left
downward and to the center
upward and to the right
downward and to the left
Answers
Explanation:
The supply curve will move upward from left to right, which expresses the law of supply: As the price of a given commodity increases, the quantity supplied increases (all else being equal).
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What sports have been founded by an entrepreneur?
Answers
An individual who plans, manages, and takes on the risk of a sport-related business enterprise is known as a sports entrepreneur. There are numerous instances of professional players succeeding in business after leaving sports.
The most well-known professional sport players who successfully transitioned from athletics to entrepreneurship include Payton Manning, David Beckham, John Elway, Magic Johnson, and Venus Williams, to name just a few. Many of you are familiar with his court movements. It is less typical to be aware of his entrepreneur side. However, how many companies does Shaq actually own? Even though the solution is not obvious, it is still amazing.
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(03.04 LC)
Which federal legislation gives consumers the right to know what is in their credit
report?
Answers
Answer:
The Fair And Accurate Credit Transaction Act (FACTA)
Explanation:
Explain ONE way in which a job description for the HR clerk’s position could assist the data entry clerk to perform her ‘new’ role effectively
Answers
Answer:
Explanation: wea ya moms at
get a job
By law, manufacturers and distributors are responsible for providing Safety Data Sheets.
Who else is responsible for providing Safety Data Sheets?
Select the best option.
O
O
Managers
Workers
Importers
Employers
Answers
Managers are responsible for providing Safety Data Sheets.
According to the Hazard Communication Standard (HCS) (29 CFR 1910.1200(g)), which was updated in 2012, the chemical manufacturer, distributor, or importer must give downstream users Safety Data Sheets (SDSs) (previously known as Material Safety Data Sheets or MSDSs) for each hazardous chemical in order to inform them of the hazards.
The SDS and MSDS both include virtually the same information, but today the SDSs must be presented in a standardized, user-friendly, 16-section format. This guideline helps workers who handle dangerous chemicals become accustomed to the format and comprehend the SDSs' contents.
The SDS contains details about the physical, physiological, and environmental dangers of each chemical, as well as information about how to handle, store, and transport each chemical safely.
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Costco Wholesale Corporation is an American multinational corporation which operates a chain of membership-only retail stores. You are an accountant and during your examination of the financial statements of Costco for the year ended December 31, Year 1, you discover net income in Year 1 is $25,000 but no adjusting entries have been prepared. Now you have to prepare the adjusting entries for Costco, and before you do so you discover the following items: a. An insurance policy covering three years was purchased by Costco on January 1, Year 1, for $2,100. The entire amount was debited to insurance expense. b. During Year 1, Costco Wholesale received a $500 cash advance from a customer for services to be provided in Year 2. The $500 was credited to sales revenue. c. All Costco's purchases of supplies were debited immediately to supplies expense. However, you discover that supplies costing $400 were on hand on December 31. d. Costco also borrowed $10,000 from a local bank on October 1, Year 1. Principal and interest at 12% will be paid on September 30, Year 2. No accrual was recorded for interest.
Answers
The financial statements for Costco Wholesale Corporation, adjusting entries need to be prepared. These include recognizing prepaid insurance for two years ($1,400) and adjusting insurance expense accordingly, deferring the $500 cash advance as unearned revenue.
Adjusting entries are necessary to ensure that financial statements accurately reflect the financial position and performance of a company. In this case, several errors and omissions were identified. First, the insurance policy purchased for three years needs to be recognized as a prepaid expense. Since one year has already elapsed, the adjustment involves reducing insurance expense by $700 ($2,100/3) and recognizing a prepaid insurance asset of $1,400 ($2,100 - $700).
Next, the $500 cash advance received for services to be provided in Year 2 should be recorded as unearned revenue, as it represents an obligation to provide future services. This adjustment reduces sales revenue by $500 and establishes a liability for unearned revenue.
The supplies costing $400 on hand at the end of the year were initially expensed, but they should be recognized as an asset. This adjustment reduces supplies expense by $400 and recognizes a supplies asset of the same amount.
Lastly, interest expense needs to be accrued for the loan from the bank. The $10,000 loan at a 12% interest rate for one year results in $1,200 of accrued interest expense.
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Two technicians are discussing scan tools. Technician a states as with all shop equipment, proper maintenance, care, and updating of scan tools is crucial. Technician b states this expense should be budgeted for on a yearly basis as this expense could upwards of $10,000 per year or more. Who is correct?.
Answers
Technician a is correct.
Technicians are skilled experts employed in almost every industry. They restore, install, replace, and service special structures and systems. Technicians usually work alongside other professional workers and should be capable of reading commands and communicating effectively.
A number of the maximum critical tough competencies a technician can own consist of diagnosing troubles, performing preventative upkeep, working with hand gear, and compliance with protection processes. when it comes to smooth competencies, technicians must have sturdy customer support and verbal exchange skills.
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Use the as/ad model to describe the effect of each of the following events on the economy of snezhanka (a fictitious nation). beginning with the economy in equilibrium carefully show the shift involved and the new equilibrium. state whether the p (price level) and rgdp at the new equilibrium are higher or lower. for each part of this question, start again at the original equilibrium. what will happen if:
a. taxes on households are decreased?
b. taxes paid by firms are decreased?
c. the value of the national currency, the snezhankan lev, declines in the international currency market?
d. a revolutionary new machine, the aparat, increases worker productivity?
Answers
The following would happen
Aggregate income would increase for households. They would have a rise in output. taxes on households are decreasedWhen the taxes are decreased, the households would have a rise in their purchasing power. Their output would go up form q to q2.
taxes paid by firms are decreasedThe cost of the firms production is going to fall. The firm would then be able to raise their production hence increasing their supply. Output would rise and price level would fall.
the value of the national currency, the snezhankan lev, declines in the international currency market?If the value of the currency should fall, then it would cause the demand for foreign goods to rise then there would be a new equilibrium in the market.
a revolutionary new machine, the apparat, increases worker productivityAn increase in productivity would raise supply for the producer hence bringing about a new rise in the price level.
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Advocates of floating rates pointed out that Group of answer choices removal of the obligation to peg currency values would restore monetary control to central banks. imposing of the obligation to peg currency values would restore fiscal control. imposing of the obligation to peg currency values would restore monetary control to central banks. imposing of the obligation to peg currency would restore monetary control to the consumer. removing of the obligation to peg currency values would restore fiscal control.
Answers
Answer:
removal of the obligation to peg currency values would restore monetary control to central banks.
Explanation:
The Federal Reserve (Fed) and Central banks (lender of last resort) are readily accessible and available to give monetary funds to depository financial institutions when they're running out of money and as well as regulate their activities.
Generally, monetary policy affects the money supply in an economy, which then creates an impact on interest rates and the inflation rate.
Hence, advocates of floating rates pointed out that removal of the obligation to peg currency (setting specific fixed exchange rate) values would restore monetary control to central banks.
Explain the technique of making bamboo based handicrafts with an example.
Answers
Answer:
Bamboo can be processed into thin strips or sheet materials for bamboo plaiting , commonly known as bamboo strips. The processing procedures of bamboo strips include selecting materials , sawing bamboo, pruning, scraping, dividing, splitting, setting the width, thinning and chamfering.
Explanation:
Example: •Bamboo furniture
•Bamboo toys
•Bamboo wind chimes
•Bamboo lamps and lanterns
•Bamboo placements and coasters
The technique bamboos are processed into thin strips or sheet materials for bamboo plaiting, known as bamboo strips and the processing procedures of bamboo strips include selecting materials, sawing bamboo, pruning, scraping, dividing, splitting, setting the width, thinning and chamfering. For example, bamboo furniture.
What is the process of making bamboo handicrafts?The process of making bamboo handicrafts is given below. First, the bamboo is completely dried before use. The bamboo is segregated in the beginning according to the products that are going to be made. They are cut to the required sizes with the help of a bamboo sawing machine. The cut bamboo sticks are arranged for the products that have to be made.
The products are always made depending on the client’s orders. For example, to make a stool, bamboo is cut respectively into four sets to make the legs and eight sets of smaller lengths to connect the legs horizontally to get a firm hold of the four legs of the stool. A stool is something similar to that a chair but doesn’t hold a backrest.
A stool is a seat for a single person without any backrest.
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monico recently hired a mechanic to do some necessary work. on the final bill, monico was charged a total of $677. $485 was listed for parts and the rest for labor. if the hourly rate for labor was $64, how many hours of labor was needed to complete the job?
Answers
The total number of hours that hourly workers who are directly employed at a job site work is referred to as labor hours. Hours of labor needed is 3
How many hours of labor was needed to complete the job?The total number of hours that hourly workers who are directly employed at a job site work is referred to as labor hours.
The term "labor hours" refers to all time spent working at the job site by all subcontractors as well as personnel employed by the contractor.
Amount total charged = $677
Listed amount = $485
Hourly rate for labor = $64
Hours of labor needed
Total amount of labour = Amount total charged - Listed amount
Total amount of labour = 677 - 485
Total amount of labour = $192
Hours of labor needed = Total amount of labour / Hourly rate for labor
Hours of labor needed = 192 / 64
= 3 Hour
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1. What area of law protects the sale of a home?
common law
contract law
statutory law
criminal law
2. With respect to a contract, what does the term “consideration” mean?
Both parties agree to be considerate to one another.
Something of value must be exchanged between the parties.
One party offers valid terms, and the other party accepts those terms.
The terms of the contract are enforceable.
3. Which system of law is a complete set of rules enacted as a single written system or code?
common law
administrative law
civil law
statutory law
Answers
1 contract law
2 Something of value must be exchanged between the parties.
3 civil law
Why is the law important?
Laws are created for protect our general safety, and ensure our rights as citizens against abuses by other people, by organization's, and by the government itself. We have laws for help provide to our general safety.
How many kinds of Laws?
Natural or Moral Laws: Natural laws are the belief that certain laws of morality are inherent by human nature, reason, or religious belief.
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PLEASE HELP QUICKLY: (FIRST ANSWER GETS BRAINLIEST) PERSONAL & FAMILY FINANCE
Ivywood Country Club recently hired Spencer to find additional resources, make major decisions involving membership, and develop ideas for new swag to be sold in the pro shop. What unique skill did the club MOST likely need when they hired Spencer?
capital capacity
labor talent
entrepreneurial ability
Answers
Answer:
entrepreneurial ability
Explanation:
Entrepreneurial ability is the capacity to understand every aspect of a business. It entails combining a range of technical, management, and personal skills. Entrepreneurial ability incorporates creativity, ambition, determination, teamwork, risk management, and a sense of responsibility.
Spencer must have Entrepreneurial abilities; that's why the club hired him. The club believes that his creativity and determination will be useful in finding additional resources. Spencer can recognize, attract, and retain talent. Entrepreneurial abilities involve taking over a business that already exists and making it better.
Which of the following recruitment sources is recommended when a company wants to target minorities?
Answers
Media advertising is recruitment sοurces is recοmmended when a cοmpany wants tο target minοrities.
Optiοn A is cοrrect.
What is advertising media?The term "advertising media" encοmpasses all fοrms οf media, including the internet, televisiοn, radiο, magazines, newspapers, and billbοards. By highlighting the advantages οf a prοduct οr service, it can be used tο cοnvince peοple tο buy it.
Advertising is a pοtent tοοl that can assist yοu in acquiring new custοmers, educating them abοut yοur prοducts, and establishing trust with existing οnes. The majοrity οf businesses assist themselves in prοduct οr service prοmοtiοn by emplοying sοme fοrm οf advertising.
Thrοugh visual, verbal, οr written messages, advertising is the prοcess οf infοrming and persuading a large audience tο purchase a prοduct οr service. A paid fοrm οf nοn-persοnal presentatiοn and prοmοtiοn οf ideas, gοοds, οr services is knοwn as advertising.
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Complete Question:
Which of the following recruitment sources is recommended when a company wants to target minorities?
A. media advertising
B. sales promotion
C. Networking
Which example best describes how a bank injects money into the economy?
O A bank opens a savings account for a customer.
A bank approves a loan for a customer.
A bank buys a company's rapidly growing stock.
O A bank buys property in a bustling business district.
Answers
Answer:
The correct answer would be option B, A bank approves mortgage for a customer. Explanation: Injecting money into the economy means increasing money supply in the economy
Explanation:
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The most practical measure of how a bank can inject money into the economy exists to support the mortgage for a customer.
How does a bank inject money into the economy?Injecting money into the economy suggests increasing the money supply in the economy. It indicates more money exists in circulation. So when a bank supports a mortgage for a buyer, it signifies the bank exists discharging money that will be in circulation and evolves a portion of the economy. A mortgage exists the loan or money that a bank or financial organization loans to a person or group on an agreed-upon interest rate in interaction with their property with the state that the bank will market the belongings to earn its money back if the borrower dies to repay the loaned money. So the most practical measure of how a bank can inject money into the economy exists to support the mortgage for a customer.
Therefore, the correct answer is option B) A bank approves a loan for a customer.
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what affect would an increase in demand for loanable funds have on present value
Answers
An increase in demand for loanable funds would lead to an increase in interest rates, as lenders would be in a stronger bargaining position to demand higher rates due to the increased demand for their services.
This increase in interest rates would have a negative effect on present value, as the value of future cash flows would be discounted at a higher rate, resulting in a lower present value. Additionally, an increase in demand for loanable funds could lead to increased competition among borrowers, which would further reduce present value as borrowers bid up the prices of assets, such as stocks and real estate, in an effort to secure the necessary funds for investment. Overall, an increase in demand for loanable funds would lead to a decrease in present value due to the higher interest rates and increased competition for investment capital.
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"Suppose that a pure monopolist can sell 51 units of output at
$20 per unit and 52 units at $19.90 per unit. The marginal revenue
of the 52nd unit of output is
Multiple Choice
A $1,034.80
B. $19.90
C. $0.10
D. $12.01
Answers
The marginal revenue of the 52nd unit of output is $0.10. This means that when the monopolist lowers the price to sell the additional unit, the decrease in total revenue is $0.10 compared to the revenue generated by selling the 51st unit at a higher price. Option c is correct.
Marginal revenue (MR) refers to the change in total revenue resulting from selling one additional unit of output. It is calculated by subtracting the total revenue generated by the previous quantity of output from the total revenue generated by the current quantity of output. Marginal revenue is an important concept in economics as it helps firms determine the optimal level of production and pricing to maximize their profits.
To determine the marginal revenue of the 52nd unit of output, we need to analyze the change in total revenue resulting from selling that additional unit.
The given information states that the monopolist can sell 51 units at $20 per unit, and 52 units at $19.90 per unit. This indicates a decrease in price for the 52nd unit.
Total revenue (TR) is the overall amount of money generated from the sale of goods or services over a specific period. Total revenue represents the total income a company receives from its sales before deducting any costs or expenses. It is a crucial measure for evaluating a company's financial performance and is used in various analyses, such as determining pricing strategies, assessing market demand, and calculating profitability.
Change in total revenue = (Quantity of 52nd unit * Price of 52nd unit) - (Quantity of 51st unit * Price of 51st unit)
= (1 * $19.90) - (1 * $20)
= $19.90 - $20
= -$0.10
Change in quantity = Quantity of 52nd unit - Quantity of 51st unit
= 52 - 51
= 1
Marginal revenue = Change in total revenue / Change in quantity
= -$0.10 / 1
= -$0.10
Therefore, the marginal revenue of the 52nd unit of output is $0.10, which is option C.
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under the affordable care act which clasification applies tohealth plans based on amount covered cost
Answers
Under the Affordable Care Act (ACA), health plans are classified based on the amount of covered costs into four categories: Bronze, Silver, Gold, and Platinum.
The Bronze plans typically have the lowest premiums but the highest out-of-pocket costs, with the insurer covering about 60% of the healthcare expenses. Silver plans cover around 70% of the costs, Gold plans cover around 80%, and Platinum plans cover around 90%. These categories help consumers understand the level of coverage they can expect from a particular health plan and make informed decisions based on their healthcare needs and budget. The ACA also provides subsidies and cost-sharing reductions to make insurance more affordable for eligible individuals and families.
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If you have been given the assignment of developing an advertising campaign for a very innovative new product, what is the first thing you need to do?
Answers
If I have been given the assignment of developing an advertising campaign for a very innovative new product, the first thing which I need to do is to define the advertising goals.
As a result of this, we can see that the first thing which a person who has been given the job of developing an advertising campaign needs to do is to first of define the advertising goals as this would help him to know within the operational limits which he is operating under.
This step is very important because it would enable him to know his budget and the target audience which he has to advertise to.
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find the principal if $245 in interest is due after 10 months at
7%.
Answers
The principal amount is $350. The principal is the first amount of cash on which premium or returns are determined. With regards to back and speculations, the principal alludes to the underlying measure of cash that is contributed, acquired, or advanced. It is the first amount of cash on which premium or returns are determined.
For instance, in the event that you store $1,000 into an investment account, the $1,000 is the principal amount. While computing revenue acquired on this record, the loan fee is applied to the head.
To find the head, we can utilize the basic interest recipe:
Premium = Head × Rate × Time
Where:
Interest = $245
Rate = 7% or 0.07 (decimal structure)
Time = 10 months
We should substitute these qualities into the recipe and address regards for the head:245 = Head × 0.07 × 10 In the first place, we can work on the situation:245 = Head × 0.7
Then, partition the two sides of the situation by 0.7: 245/0.7 = Head
Working on the division, we get: 350 = Head
In this manner, the principal amount is $350.
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Identify the quality of service (QoS) function that alters bits in a frame, cell, or packet.A. classificationB. markingC. congestion managementD. congestion avoidance
Answers
The quality of service (QoS) function that alters bits in a frame, cell, or packet is called marking.
What is Marking?Marking is the process of adding specific information to a packet or frame to indicate its priority level or the type of traffic it contains. This information is used by network devices to make decisions about how to handle the packet or frame as it travels through the network.
For example, a router might use the markings to prioritize real-time traffic like voice or video over less time-sensitive traffic like email or file transfers.
Marking is an important part of QoS because it allows network administrators to manage network traffic and ensure that critical applications and services receive the necessary bandwidth and resources. Without marking, all traffic would be treated equally, which could result in performance issues and poor user experiences.
Marking can also be used to enforce policies around network usage, such as limiting bandwidth for certain types of traffic or blocking certain applications altogether. Overall, marking is an essential QoS function that helps ensure that network traffic is handled efficiently and effectively.
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Complete question:
Identify the quality of service (QoS) function that alters bits in a frame, cell, or packet.
A. classification
B. marking
C. congestion management
D. congestion avoidance
The bullwhip effect causesA) maximization of supply chain surplus.B) improved accuracy of demand information within the supply chain.C) different stages of the supply chain to have a very different estimate of what demand looks like.D) less need for aggregate planning.
Answers
Different stages of the supply chain to have a very different estimate of what demand looks like.
In economics, call for is the quantity of a very good that clients are willing and capable of purchase at various fees all through a given time.[1] the connection among rate and quantity call for is likewise referred to as the demand curve. demand for a selected object is a feature of an item's perceived necessity, charge, perceived quality, convenience, to be had options, purchasers' disposable earnings and tastes, and plenty of other alternatives.
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Have a good thanks giving everyone.
-Please can we all give thanks and love for Lil Peep, XXX Tentacion, Juice Wrld. Thanksssss. Goodays <3
Enjoy the points. :) <3
Answers
Answer:
R.I.p to the g.o.a.t’s
Explanation:
Aggregate demand increases if expected future income, inflation, or profits ______. and aggregate demand increases if fiscal policy ______ government expenditure.
Answers
Aggregate demand increases if expected future income, inflation, or profits increase. and aggregate demand rises if fiscal policy increases government expenditure.
The definition of income is the amount of money received by an individual, group, or business over a period of time. An example of income is an annual salary of $70,000. noun. What are the types of income? There are two types of income: earned income and unearned income. Earned income is money earned while actively working. B. As an employee or entrepreneur. Unearned income typically includes investments, retirement benefits, and residual income.
Family income is the money/purchasing power the family earned in a period of time and the goods and services received or produced by the family during that period (such as vegetables from the garden, services such as teaching children, and household chores). ) can be defined as (Varghese et al).
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in contrast to perfect competition, a monopolist charges a a. higher price and produces a larger quantity. b. higher price and produces a smaller quantity c. lower price and produces a larger quantity. d. lower price and produces a smaller quantity.
Answers
A monopolist charges a higher price and produces a smaller quantity of goods in contrast to perfect competition. The company is in control of the market because they are the sole seller of a particular product in the market.
In such a scenario, the monopolist has a market power that allows them to determine prices for goods and services in the market. Because a monopolist faces no competition, it can manipulate the market in such a way that it maximizes its profits at the expense of consumers.To put it another way, the monopolist maximizes their profit by producing a quantity where marginal cost equals marginal revenue, resulting in a higher price and smaller quantity in comparison to perfect competition.
In contrast to a perfect competitive market, there is no threat of entry for other firms, which means that the monopolist does not have to compete on price or quantity as they would in a perfect competitive market. In essence, the monopolist has a complete control of the market, with the ability to limit output and raise prices above what a perfect competitive market would offer.
This means that a monopolist is not subject to the usual supply and demand laws that determine prices in a competitive market, leading to a higher price and smaller quantity being sold.
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