Answer:
Elastic demand
A heart valve
Explanation:
A good with many close substitutes will have a highly elastic demand. This is because an increase in the price of the good will causes the consumers to purchase one of its cheaper substitutes.
If both a diamond necklace and a heart valve for heart attack victims are priced the same, the price elasticity for the heart valve will be lower. This is because the diamond necklace is a luxury good but the heart valve is necessary for the survival of the victim.
Answer:
The statement is: True.
Explanation:
The Time Value of Money is a concept that states a dollar today is always worth more than a dollar tomorrow. The theory relies on the earning capacity of money. The approach is the reason why entrepreneurs prefer to capitalize on their investments the soonest so the more money available now will represent for them more money accrued in the future.
Answer:
a. -$783 Unfavorable
b. 550 Favorable
Explanation:
a. The computation of Variable Overhead Rate Variance is shown below:-
Variable Overhead Rate Variance = Actual hours × (Standard Variable Overhead rate per hour - Actual Variable Overhead rate per hour)
= 8,700 × ($4.10 - ($36,540 ÷ 8,700)
= 8,700 × ($4.10 - $4.19)
= 8,700 × -$0.09
= -$783 Unfavorable
b. The computation of Variable Overhead Efficiency Variance is shown below:-
Variable Overhead Efficiency Variance = Standard Variable Overhead Rate per Hour × (Standard Hours for Actual Production - Actual Hours)
= 5.5 × ((5.5 × 1,600) - 8,700)
= 5.5 × (8,800 - 8,700)
= 5.5 × 100
= 550 Favorable
The principle of open opportunity in the marketplace means that anyone who wants to put up a business is welcome to do so. However, the success of his business rests entirely on how well it is received in the market.
Guaranteeing success to everyone in the marketplace is impossible. Competition is always present. Demand and supply can be affected by factors beyond human control.
Answer:
Specializes in bringing buyers and sellers together.
Explanation:
A broker can be defined as an individual or a firm that acts as a middleman between the buyers and the sellers. A broker is a licensed agent that is permitted to purchase or sell stocks and other investments.
A broker carries out the role of a trusted intermediary in various financial transactions. Brokers receive their commissions through a percentage gotten from the purchase or sale of an asset or stock.
