Answer:
The U.S. economy is a free enterprise system.
Explanation:
That means that individuals — and not the government — own most of our country's resources.
Answer:
increase his consumption of product Y and decrease his consumption of product X
Explanation:
Base on the scenario been described in the question, Oscar make purchase of a X product which he already has, which after consuming has a 10 utils costing him $5, he also purchase another product Y he which after consuming has 8 until costing, this suggest that Oscar reduce his consumption on X and increase his consumption on Y according to the equal marginal principle.
The equal marginal principle talks about the behavior of a consumer in sharing his available income within various goods and services. This law states that how a consumer distributes his money income within various goods to be able obtain maximum satisfaction.
Answer:
The <u>FIRST STEP</u> of the procure-to-pay cycle is ordering;
Explanation:
The procure to pay cycle is the set of activities required to follow through a buying process in a company, it includes identifying the need, looking for and assigning a vendor, approving the vendor's specifications, receiving the supplies and finally paying the money owed to the vendor. This process consists of five steps:
- ordering
- follow up and expediting
- receipt and inspection
- settlement and payment
- records maintenance
Answer: True
Explanation:
A convenient product is the product that is relatively inexpensive item that merits little shopping effort.
A convenient product refers to an inexpensive product which requires a little amount of effort from the consumer to purchase it. Some examples of convenience products include soft drink, bread, coffee.
Therefore, the statement given is true.
