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
Stella [2.4K]
3 years ago
14

The – effect means Tommy’s – will shift because he has less purchasing power. As a result, he may choose the regular-size steak

instead of the larger "hunter’s portion" he prefers. The – effect means Tommy may spend some of the money he saved by ordering the smaller steak to order a bigger salad.
Business
1 answer:
dimulka [17.4K]3 years ago
6 0

Answer:

The correct answer is: income effect; budget line; substitution effect.

Explanation:

The change in the price of a product has two effects on the consumption pattern of an individual. The increase in price reduces the purchasing power of the consumer as the consumer will now be able to afford a lesser quantity of that product.

This is known as income effect as the real income of the consumer is changing. This change in real income causes the budget constraint to shift.  

Here in the given example, Tommy's real income will change causing his budget line to shift. Tommy will be able to afford regular size steak.  

By saving money on a steak if he orders a bigger salad this shows the substitution effect. In case of price change when a consumer prefers a cheaper alternative it is called the substitution effect.

You might be interested in
In a flexible budget performance report _____.
natulia [17]

Answer:

b. the budget is adjusted to the actual activity for the period.

Explanation:

A flexible budget performance report is a comparison between actual costs and revenues, and the budgeted income and expenses at the end of a period, based on actual performance.  The report shows the difference between the actual results and the estimated numbers.  Management uses the report to determine if the company's results were in line with management expectations.

The performance report is prepared at the end of a financial period.  It helps the management analyse any major variances between the actual performance at the estimated numbers at the beginning of a period.  The report helps the management identify the companies strong areas, and the sections that need improvements.

3 0
3 years ago
To measure changes taking place in your financial situation, you probably need to calculate financial ______. multiple choice qu
ipn [44]

To measure changes taking place in your financial situation, you probably need to calculate financial ratios.

<h3>What is  financial ratio?</h3>

A financial ratio  can as well be described as the accounting ratio which is the relative magnitude of two selected numerical values that is been gotten from a enterprise's financial statements.

It encompass  many standard ratios used to try to evaluate the overall financial condition , hence To measure changes taking place in your financial situation, you probably need to calculate financial ratios.

Learn more about financial ratios at:

brainly.com/question/17014465

#SPJ1

6 0
1 year ago
MC Qu. 152 Adams Manufacturing allocates... Adams Manufacturing allocates overhead to production on the basis of direct labor co
MAXImum [283]

Answer:

$1.60 per direct labor hour

Explanation:

Overhead application rate = Budgeted Overheads ÷ Budgeted Activity

hence,

Overhead application rate  = $364,800 ÷ $228,000

                                             = $1.60 per direct labor hour

6 0
3 years ago
The hair, nose, throat, and infected cuts of an average healthy person A. Carry no harmful bacteria. B. May carry Staphylococcus
EleoNora [17]

Answer:

B. May carry Staphylococcus.

Explanation:

7 0
3 years ago
The sarbanes-oxley act created the ____ to protect the interests of investors and further"
UNO [17]

Answer:

federal laws

Explanation:

The sarbanes-oxley act is a Federal legislation that was passed in the US on 30th July 2002. to reform, protect the accounting and corporate financial sector which includes the interest of the investors. Note: an act consist of written laws and it is made by the legislative arm of the government.

4 0
3 years ago
Other questions:
  • Arjun has joined a work team that assembles products. What is the best way for Arjun to build the team's trust in him?
    8·2 answers
  • The law creates the foundation for ethical behavior.<br><br><br> True<br><br><br> False
    7·1 answer
  • Certain brand names, such as Kleenex and Rollerblade, fear they could become _________, because they are so commonly identified
    9·1 answer
  • Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees’ well-being. The company offers its
    7·1 answer
  • What needs would you strive to satisfy on the job? Why? What role would your manager play in helping you satisfy these needs?
    15·1 answer
  • Anthony was employed as a forklift operator for Blackburn Construction Company. While on the job, he operated the forklift in a
    7·1 answer
  • Which of the statements below is​ FALSE?
    15·1 answer
  • Most new jobs in the United States will be in the a manufacturing industries:
    9·2 answers
  • _____ are costs of selecting one opportunity or investment over another.
    14·1 answer
  • _____ funds are highly speculative investments that seek large profits from capital gains. group of answer choices
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!