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rewona [7]
3 years ago
12

When quantity demanded exceeds quantity supplied at the current market price, the market has a shortage, and market price will l

ikely rise in the future to eliminate the shortage.
a. true
b. false?
Business
1 answer:
Alik [6]3 years ago
8 0
True.

However, the question should be clear it is a free market where market forces rule, therefore a shortage will cause some consumers to be willing to pay higher prices and producers will see benefit and revenue, thus producing more and resolving the shortage.
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Attorneys' fees, entrance fees, train fares, and organization dues are all:_______
Tom [10]

Answer:

d. synonyms for price.

Explanation:

All the stated items (attorney fees, entrance fees, train fares, and organisation dues) are all prices.

Price is the amount that is paid for a particular good or service performed.

When fixing a price usually there is an offer and acceptance of the amount to be paid for goods or services.

Also payment can be made upfront like the case of train fare. While in other instances payment may be deferred as is seen in attorney fees and organisation dues.

Price can also change when one party grants concession to the other, for example loan rebate where the debtor is given price relief.

3 0
3 years ago
Interdepartment Services: Step Method
Stells [14]

Answer:

O'Brian's Department Stores

a) Determination of the percentage of total personnel department services that was provided to the Payroll department

Since allocation of the personnel department services is based on the number of employees, we can use this to calculate the percentage.  The personnel employees are not included in this calculation.

= 4/32 x 100 = 12.5%

b) Percentage of total payroll department services provided to the personnel department.  Since the basis is the gross payroll, we can use this to calculate the percentage.  The gross payroll of the Payroll department is not included in the calculation.

= $6,000/$42,100 x 100 = 14.3%

c)                          Personnel  Payroll  House-     Clothing   Furniture    Total

                                                         Ware

Direct department

  cost               $ 7,800  $ 3,200    $ 12,200   $ 20,000  $ 16,750  $59,950

Number of

  employees       5              4                8               16             4             37

Gross payroll $ 6,000  $ 3,300    $ 10,600     $ 17,400    $ 8,100   $45,400

Total cost      $13,800   $6,500    $22,800     $37,400  $24,850  $105,350

Allocation of service departments costs, using the step method:

Personnel      -13,800      1,725          3,450         6,900       1,725       13,800

Payroll              0           -8,225           2,415         3,965        1,845       8,225

Total allocated 0               0          $28,665    $48,265   $28,420 $105,350

Explanation:

a) Data:

                        Personnel  Payroll  House-     Clothing   Furniture    Total

                                                         Ware

Direct department

  cost               $ 7,800  $ 3,200    $ 12,200   $ 20,000  $ 16,750  $59,950

Number of

  employees       5              4                8               16             4             37

Gross payroll $ 6,000  $ 3,300    $ 10,600     $ 17,400    $ 8,100   $45,400

b) Cost allocation & Calculations:

Personnel (based on the number of employees)

Rate = $13,800/32 = $431.25 per employee

Payroll (based on gross payroll)

Rate = Payroll cost = Payroll cost divided by the total gross payroll in the other departments, excluding personnel and payroll departments

= $8,225/$36,100 = $0.2278 per gross payroll

c) Allocation of service departments' costs is a method of apportioning costs incurred by service departments to the production departments in order to include all the costs in the product costs.  Three methods exist for allocating service departments' costs to the production departments.  The first, which is the simplest, is the direct method.  With this method, the costs of service departments are allocated directly to each production department based on the consumption of the service department's services.  They are not allocated to other service departments.

The second method is the step method.  Here, the costs of one service department with the highest cost are allocated to all other departments first, including production and other service departments following a step.  The costs of the next service department with the highest costs are allocated to the remaining departments.  This step is continued until all the service departments' costs have been allocated.  Once the costs of a service department have been completely allocated, that department would not be allocated any other cost.

The Reciprocal method, which is the last method, is the most accurate and complicated method.  This method first establishes the relationship among the service departments in equation form and uses the established equations to allocate the costs of service departments.  We may not discuss it further than this.

3 0
3 years ago
HELP PLEASE NOW!!!!!List the four stages of ability development. Provide an example of a person developing a specific ability. W
xeze [42]

Answer:

Sensorimotor Stage (0 - 2 years)

Preoperational Stage (2 - 7 years)

Concrete Operational Stage (7 - 11 years)

Formal Operational Stage (11 - 15 years)

Explanation:

8 0
3 years ago
A manufacturing company has a standard costing system based on standard direct labor-hours (DLHs) as the measure of activity. Da
anzhelika [568]

Answer:

$940 Favorable

Explanation:

Fixed manufacturing overhead budget Variance = Budgeted fixed overhead cost - Actual total fixed manufacturing overhead cost

Fixed manufacturing overhead budget Variance = $71,500 - $70,560

Fixed manufacturing overhead budget Variance = $940 F

So, the fixed manufacturing overhead budget variance for the period is closest to $940 F

4 0
3 years ago
________ is a promotional tool in which a person communicates one-on-one with potential customers.
katen-ka-za [31]
I chose direct marketing
3 0
3 years ago
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