1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Natasha_Volkova [10]
2 years ago
12

Which of the following is not a function of prices in a market system? Group of answer choices Prices send signals to buyers and

sellers to help them make rational economic decisions. Prices ensure an equal distribution of goods and services among consumers. Prices coordinate economic activity. Prices have the crucial job of balancing supply and demand.
Business
1 answer:
Sedaia [141]2 years ago
6 0

Answer:

Prices ensure an equal distribution of goods and services among consumers.

Explanation:

The price mechanism helps in the efficient allocation of resources. There are a number of functions performed by the price mechanism. Prices send signals regarding resources. An increase and decrease in prices reflect surplus and deficit.  

Price balances the demand and supply of a product. Price is inversely related to demand and positively related to the supply of a product. It is determined by the interaction of demand and supply and helps in balancing supply and demand.  

For instance, an increase in demand would increase the price, this higher price will motivate the suppliers to increase quantity supplied thus balancing demand and supply.  

Price helps in coordinating economic activities and helps buyers and sellers in decision making. However, they do not help in equal distribution of goods and services among consumers.

You might be interested in
Lancelot Manufacturing is a small textile manufacturer using machineminushours as the single indirectminuscost rate to allocate
Fynjy0 [20]

Answer:

Overhead absorption rate = Budgeted overhead

                                              Budgeted machine hours

                                            = $36,000/90,000 hrs

                                           = $0.4 per machine hour

The amount of manufacturing overhead to be allocated to the job

= $0.4 x 900 machine hours

= $360

Explanation:

There is need to calculate the overhead absorption rate which is budgeted manufacturing overhead divided by budgeted activity level.

Then, we will multiply the overhead absorption rate by the actual machine hours of 900 hours.

8 0
3 years ago
7. You are going to open a business making custom cabinets. You can sell each cabinet for $80. It takes a cabinetmaker approxima
Shkiper50 [21]

Answer:

Contribution Margin is 51.875%

Explanation:

Contribution Margin = Contribution/Selling Price × 100

<u>Contribution</u>

Contribution = Selling Price/ unit - Variable Costs/ Unit

Selling Price                                                     $80.00

<em>Less Variable Costs</em>

Raw Materials                                                   ($25.00)

Direct Labour (45mins/60mins×$18)               ($13.50)

Contribution                                                      ($41.50)

<u>Contribution Margin</u>

$41.50/$80.00×100=51.875%

5 0
2 years ago
Standard costs have which of the following characteristics? (Check all that apply.)
Minchanka [31]

Answer:

The following Apply :

A. Based on past experience and data Developed by the SCAB (Standard Cost Accounting Board

B. Used in preparing flexible budgets Useful for manufacturing companies, but not service companies

Explanation:

Standard Cost set levels of Costs and Revenues that ought to be achievable when reasonable levels of performance are attained together with working practices to manufacture a product.

Data is obtained from past experience and used to prepared flexible budgets for control purposes.

7 0
3 years ago
You want to determine the upper control line for a p-chart for quality control purposes. You take several samples of a size of 1
Harlamova29_29 [7]

Answer:

The resulting UCL value for the line is 0.07. The right answer is d

Explanation:

According to the given data we have the following:

P-bar = Fraction defective = 0.05

Sp = Standard deviation = 0.01

In order to calculate the resulting UCL value for the line we have to use the following formula:

UCL = P-bar + (Z x Sp)

Using standard normal table, for 95% confidence level Z=1.96

Therefore, UCL = 0.05 +(1.96x0.01)=

                  UCL = 0.0696, Hence UCL=0.07

The resulting UCL value for the line is 0.07

8 0
3 years ago
Assume that three identical units are purchased separately on the following three dates and at the respective costs:________. Ju
krek1111 [17]

Answer:

Under last in, first out (LIFO) inventory method, the units purchased last are used to determine the cost of goods sold. This doesn't mean that exactly the last units purchased will be sold first, it is just used as an accounting tool.

In this case, the last unit purchased costed $20, and the immediately previous one costed $15. Under LIFO, these 2 units would have been sold (COGS = $35), and the ending inventory = $10 (the price of the "oldest" unit).

7 0
3 years ago
Other questions:
  • Simpkins Corporation does not pay any dividends because it is expanding rapidly and needs to retain all of its earnings. However
    10·1 answer
  • The answer is actually D. All of the above.
    10·1 answer
  • Based on the interdependence of the four types of salesperson goals, what should a salesperson's sales call goals be based on?
    5·1 answer
  • This morning, you borrowed $150,000 to buy a house. The mortgage rate is 7.35 percent. The loan is to be repaid in equal monthly
    15·1 answer
  • Substantially all full-time employees may participate on an equitable basis.hich of the following is not a characteristic of a n
    12·1 answer
  • Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inven
    10·1 answer
  • Jarett Motors is trying to decide whether it should keep its existing car washing machine or purchase a new one that has technol
    6·1 answer
  • Describe the scale of marketing to kids, as referred to in your RWM reader. In your view, does this industry impact consumer rat
    8·1 answer
  • Samsung innovations have proven to be successful supported by statistical data.
    6·1 answer
  • bobby and josephine are married and they work together. they have decided to maintain separation at work, though they are extrem
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!