Answer: D) buyers would scramble to get all available widgets.
Explanation:
The law of demand states that more quantity is demanded at a lower price, therefore if producers move prices from P3 to P1 there would be an increase in quantity of widgets demanded. Buyers would scramble to get all available widgets wich will create a shortage in the market
Answer:
Etcetera Clothing collected $10,780
Explanation:
Etcetera Clothing sells merchandise inventory on terms of 2/10, n/30, which means that it will give a cash discount to a customer of 2% when the payment is made within 10 days and the whole settlement of account must be made in 30 days.
If the customer paid for the merchandise 5 days after receiving the invoice, the customer was granted the cash discount since the payment is still within the discount period.
The amount of cash discount is $11,000 × 2% = $220
Payment made to Etcetera Clothing will be $11,000 - $220 = $10,780
The answer is scientific management. Scientific management is a theory of management that analyzes and produces a workflow. Its main aim is improving economic efficiency, especially labor productivity and is one of the earliest attempts to apply science to the engineering of processes and to management. The theory uses engineering science and mathematics to reduce waste and increase the efficiency of the methods and process of production.
Answer:
AVC < $15.00
Explanation:
A firm will continue to produce as long as total revenue covers total variable costs or price per unit > or equal to average variable cost (AR = AVC).
