The free-rider problem a<span>rises when people realize they will still receive the benefits of a good whether they pay for it or not.</span>
Maybe this can help you with that :0
Answer:
a. Economic assets that are privately owned and exchanged in an open market.
Explanation:
A free enterprise is an economy where where economic factors like price, product, and services are determined by market forces and not by the government.
It is also called capitalism, economic assets are privately owned and competition is the yardstick for market success.
The opposite of this is communism where economic factors are controlled by the government.
Answer:
$2,400 U
Explanation:
Labor efficiency variance is a financial metric that assesses a company’s ability to efficiently use labor per the expectations. The variance is worked out as the difference between the actual labor hours utilized and the standard amount that ought to have been used, multiplied by the standard labor rate.
In Clark Manufacturing:
It is given that:
Number of hours required to produce one product = 2 hours
Standard Labor rate(SLR) per hour = $12
Actual Labor rate(ALR) per hour = $12.20
Units of products produced = 2000
Number of hours required(SLH) to produce 2000 units = 4,000 hours
Actual Labor Hours(ALH) used =4,200 hours
Labor Efficiency Variance =(ALH - SLH) *SLR
= (4200-4000) *12
200*12 = $2,400 U
U means unfavorable. This variance is unfavorable because the labor cost exceeded the standard or budgeted labor cost.
