The correct answer to this open question is the following.
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This scenario best illustrates forward integration.
This is a case of forward integration because BlockWood Inc., which was facing similar difficulties with other buyers too, eventually stopped supplying raw materials and took to manufacturing furniture instead. SO they decided to fabricate their own furniture.
Companies make this decision as a process of vertical integration to expand and grow their business. In this case to produce and control their own products, eliminating the retailer that had decided to pay less money for the raw materials.
So now, Blockwood Inc. has the challenge to design and sell the products it is fabricating.
Answer: are incurred even if nothing is produced.
Explanation:
Fixed costs are referred to as the cost that doesn't vary with the production level. Even if the company doesn't produce anything, the fixed cost will still be incurred.
The fixed cost is different from the variable cost which is the cost that varies along with production. Examples of fixed cost include salaries, rental lease payments, salaries, etc.
Distinct possibilities, where there are two, three, or maybe four potential future alternatives, represent the second state of ambiguity. And you may make a contingency plan depending on which of those four possibilities might occur in a circumstance where there are distinct possibilities.
How do you make decisions in ambiguous situations?
Embrace a variety of viewpoints. Include intellectuals who hold opinions that differ from your own. You'll gain an understanding of the decision's potential outcomes, what other factors need to be taken into account, and what crucial information is lacking. Decentralize decision-making to the individuals who are most familiar with the "issue."
What is a good contingency plan?
Any circumstance that might interfere with operations should be covered in a comprehensive contingency plan. To include in the plan, take into account the following areas: storms, fires, and earthquakes are examples of natural catastrophes. crises including endangerment to staff or clients, injuries sustained on the job, and mishaps at the workplace.
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