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2 years ago

What is the purpose of a free-market system?

Business

2 answers:

djyliett [7]2 years ago

8 0

Answer:

To allow consumers and producers to make their own decision

Nady [450]2 years ago

6 0

Answer:

D. To allow consumers and producers to make their

own decisions

Explanation:

A free-market system is the market form determined by free market forces of demand and supply.

No government intervention takes place in this form of market as in a centrally planned economic system. This non- intervention of the government prevents economic distortions in the system, which is good for the market.

In a free market system the forces of demand and supply, decide the price of the goods and thereby the output adjustments. The consumers are free to decide the demand and producers are free to decide the product the supply of goods.

Hence, it can be said that the purpose of a free-market system is to allow consumers and producers to make their own decisions.

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Products is a manufacturer of large flower pots for urban settings. The company has these standards:

slega [8]

Answer:

Results are below.

Explanation:

First, we need to determine the standard production costs:

Direct materials= 9.6*4.55= $43.68

Direct labor= 1*15.80= $15.8

Variable manufacturing overhead rate= 3.40*1= $3.4

Predetermined fixed manufacturing overhead rate= 6*1= $6

Finally, the standard cost per unit:

Total unitary cost= 43.68 + 15.8 + 3.4 + 6= $68.88

5 0

2 years ago

Peyton sells an office building and the associated land on May 1 of the current year. Under the terms of the sales contract, Pey

Aleksandr-060686 [28]

Answer:

$3,728,203

Explanation:

Particulars Amount

Cash Received $2,408,400

Add: Mortgage assume by purchaser $1,445,040

Less: Broker's commission ($96,336)

Less: Points paid by Peyton ($28,901)

Amount realized $3,728,203

8 0

2 years ago

Beswick company your team is allocated a project involving a major client, the beswick company. although the organization has ma

lianna [129]

Answer: A. low degree of substitutability.

Explanation:

Substitutability refers to the availability of alternative options to the variable in question. If something is said to be highly substitutable or to have a high degree of substitutability, then that means that it is easily replaceable because it has alternatives. The reverse holds true.

Therefore, Jamie can be said to have a low degree of substitutability because the client wants to deal with only him and if he is removed or unavailable, the company would not be able to deal with the client.

6 0

2 years ago

A company needs 550,000 items per year. It costs the company $330 to prepare a production run of these items and $5 to produce e

Svetlanka [38]

Answer:

Company A

The number of items that should be produced in each run to minimize total costs of production and storage is:

= 22,000 units

Explanation:

a) Data and Calculations:

Total annual demand = 550,000 units

Cost per production run = $330

Cost per unit = $5

Storage (holding) cost per item = $0.75

The number of items that should be produced in each run to minimize total costs of production and storage is given by Economic Order Quantity (EOQ) formula

= square root of (2 * 550,000 * $330)/$0.75

= square root of $363,000,000/$0.75

= square root of 484,000,000

= 22,000 units

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2 years ago

When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when A. a customer’s accou

MaRussiya [10]

Answer:

Option D. management estimates the amount of uncollectibles

Explanation:

When the company estimates the bad debts, reflects it in the balance sheet through a Debit entry in the Bad Debt Expenses againts the asset account Allowance for Doubtful Accounts as a Credit.

When the bad debt are confirm as uncollectible the loss is reflected in the Account Receivable as a Credit with the correspondent debit entry in the Allowance for Doubtful Accounts.

7 0

2 years ago