The consolidated cost of goods sold for 2021 is $6,092,800.
A goods is an object that satisfies a human need and provides benefits to consumers and others who purchase satisfactory products. A distinction is generally made between transferable goods and non-transferable services.
Merchandise is the tangible item sold to the customer and service is the task performed for the benefit of the recipient. Examples of products include automobiles, appliances, and clothing. Examples of services include legal advice, house cleaning, and consulting his services.
Commodities can be anything from commodities, supplies, raw materials to finished products
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Answer:
Opportunity cost
Explanation:
In economics (a social science that studies human behavior in relation to ends and scarce means which have alternative uses), there are basic concepts such as scarcity, scale of preference, opportunity costs etc.
Human wants are unlimited and termed to be insatiable. However, the resources available to satisfy these wants are unlimited hence these wants are grouped in the order of importance known as a scale of preference. As the available resources are used to meet a need or satisfy a want, another will go unsatisfied due to the limited resources available.
The need/want that goes unsatisfied is known as the opportunity or real cost or cost of the alternative forgone. This is what Jacks salary will be considered as if he quits his job.
Answer:
d. price competition is especially vigorous, buyers have low switching costs, and the majority of industry sales are made to a few, large volume buyers.
Explanation:
Michael Porter specified 4 generic strategies for gaining competitive advantage, which are namely,
1. Cost Focus
2. Differentiation Focus
3. Cost Leadership
4. Differentiation
Cost leadership refers to charging lowest price and attaining cost advantage in the industry.
Differentiation refers to designing products with unique attributes.
Striving to be low cost provider would be most attractive when the buyers have low switching costs i.e it is easier and cheap to switch between products and wherein buyers are large and exercise considerable bargaining power.
Thus, the correct option is (d). price competition is especially vigorous, buyers have low switching costs, and the majority of industry sales are made to a few, large volume buyers.
Answer: Option (D) is correct.
Explanation:
The economic efficiency is achieved at a point where demand curve and supply curve intersects each other. This point is known as market equilibrium. The area under the demand curve and above the equilibrium price level is known as consumer surplus.
The area above the supply curve and under the equilibrium price level is known as producer surplus.
Hence, the combine area of consumer surplus and producer surplus have to maximized to have a economic efficiency in an economy.
