In making the best economic choices, consumers compare the benefits of the choice to its cost.
<h3>What is choice?</h3>
This is the option that the consumer has considered to be the best way of satisfying his needs.
The choice of a person is a direct measurement of the benefit of the good and the cost that they can offer up for that good.
Therefore, in order to make the best economic choice, the benefits of a good must be compared to cost.
Read more on consumer choices here:
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Answer:
The government agency is providing basic and/or essential services that further deepen the interests of members of the public
Explanation:
The assertion that a firm with a monopoly power loses it freedom of contract is very true. Monopolies by its realities come with features that ultimately cater for the interests of the firm, instead of the consumers. One of these is charging an astronomical high price on a particular item of commodity, and not taking cognizance of the purchasing power of the public. A firm could to this, and ultimately get away because its the only delivering such services - the one with the enormous monopoly power. Here, there is no stiff competition among goods that may offer liberty of choices to ordinary consumers.
To mitigate these numerous power of monopolies, governmental body has been giving the power to regulate and maintain an oversight functions. They now determine the provisions of contracts. The main objective of government agency, thus, is to ensure a firm with a monopoly power considers the basic and essential interests of the members of the public - the end users. Here, members of the public are insulated from unnecesary exploitation by the monopolies.
Answer:
$96,000
Explanation:
Production 26,000 units
<u>Materials Purchase Budget</u>
Production Materials Required (5×26,000 units) 130,000
Add Budgeted Closing Materials (50,000×20%×5) 50,000
Total Materials 180,000
Less Budgeted Opening Inventory (4,000×5) (20,000)
Budgeted Materials 160,000
Material Cost per pound $0.60
Total Material Cost $96,000
Therefore, the materials purchases budget will be for the month ending April 30 will be $96,000.
