Answer:
Explanation:
The fact that limited amounts of goods and services are available to meet unlimited wants is called scarcity. ... Scarcity always exists. There simply are not enough goods and services to supply all of society's needs and wants.
Answer:
The correct answer is option D.
Explanation:
A monopoly firm is neither productively nor allocative efficient. The reason behind this is that it does not utilize the resources efficiently and produces below the socially optimal level of output.
Unlike perfect competition, which produces at the point where price equals marginal cost, a monopolist produces at the point where the price is greater than marginal cost.
This inefficiency is visible through the decrease in consumer surplus and deadweight loss. The difference between socially optimal level of output and monopoly output also represents inefficiency. The value of the goods and services that could have been made if monopolist chose to produce at a socially optimal level also shows inefficiency.
Answer:
Direct material= $340
Explanation:
Giving the following information:
Direct labor $540
Beginning work in process inventory $330
Ending work in process inventory $420
Cost of goods manufactured $1620
Manufacturing overhead $830
T<u>o calculate the direct material used in production, we need to use the following formula:</u>
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
1,620= 330 + DM + 540 + 830 - 420
Direct material= $340
Answer:
The gross domestic product
Explanation:
The gross domestic product = Consumption spending + Investment + Government Spending + Net Export
Answer:
The failure to provide adequate supervision, health care, clothing, or housing, as well as other physical, emotional, social, educational, and safety needs.