Answer:
The correct answers are the following:
1 - C
2 - A
3 - B
4 - D
5 - C and D
Explanation:
1) The product of labor is a concept developed in economics in order to show the amount of output that a worker adds to a firm.
2) The demand curve of labor is the graphical representation of the relationship between the wage rate and the quantity of labor that the firms are willing to hire in the market where the workers go an offer their job.
3) The supply curce of labor is the graphical representation of the relationship between the wage rate and the quantity of labor that the workers are willing to offer in the market.
4) The marginal product of labor is the increase in the revenue that an additional worker will add to the amount of revenues already been made in the company when the worker is hire and puts himself to work.
5) An increase in the labor supply can happen be either an increase in the working population that increase the amount of supply of labor as well as an increase in the women's desire to work rather than stay at home with their kids.
Answer: Statute of Frauds
Explanation:
The statute of frauds is a legal concept whereby it is required that certain forms of contracts have to be executed in writing. In this case, when there is a breach of the contract by one of the parties that are involved, then a the defendant can raise the statute of fraud as a defense.
In the question, we are told that Macro Marketing, Inc., and National Food Corporation (NFC) discuss the terms of a contract. Macro then faxes NFC a memo on Macro's letterhead that summarizes the items on which they agreed, including a two-year term. Then, Macro begins to perform, but NFC refuses to pay. Macro then files a suit to collect but NFC claims that there is no contract. It should be noted that the transaction between Macro and NFC falls within the statute of fraud
Answer:
B. marginal cost curve, but only the portion above the minimum of average total cost.
Explanation:
- A competitive firms short-run supply curve is a segment of the marginal cost and lies above the average variable costs and if a short run firm decides to shut down its prices of the goods is less than the average variable costs of production.
Answer:
the budgeted selling and administrative expenses for July is $64,100
Explanation:
The computation of the budgeted selling and administrative expenses for July is shown below:
= Budgeted selling & admin cost + (per unit sold × July units)
= $20,000 + ($9 × 4,900 units)
= $20,000 + $44,100
= $64,100
hence, the budgeted selling and administrative expenses for July is $64,100
We simply applied the above formula
