The term used to describe a situation in which markets do not allocate resources efficiently is market failure.
In terms of economics, market failure refers to a situation where there is an inefficient allocation of products and services on the open market. The individual incentives for rational behaviour do not result in rational outcomes for the collective in a market failure.
When people act in their own best interests rationally, the result is often subpar or economically inefficient. This is known as market failure.
Explicit markets, also known as usual markets, are those in which commodities and services are bought and sold outright.
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Question:
When Branden decided he needed a new car, he immediately called his old college roommate, who owns a BMW dealership, to ask questions about options and financing.
Branden was searching for information from
A) an internal locus of control
B) an external source
C) an internal source
D) a situational factor group
E) a reference source.
Answer:
The correct answer is B) an External Source
Explanation:
Marketing studies the the The Consumer’s Decision-Making Process to enable business owners understand what drives demand.
The consumer decision process comprises of 5 stages. They are:
- problem or need recognition,
- information search,
- evaluation of alternatives,
- purchase, and
- post-purchase behaviour.
The questions deals with the information search stage.
Information search may be internal or external.
<em>External information search</em> is happens when a person seeks information from personal sources (for example, word of mouth from friends/family ) and/or public sources (e.g. online forums, consumer reports) or marketer dominated sources such as sales persons, advertising, especially when a person’s previous experience in that area is limited.
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Answer:
Option (b) $12,960
Explanation:
Data provided in the question:
Cost = $90,000
Salvage value = $3,600
Useful life = 120,000 miles
Number of miles driven in 2012 = 18,000
Number of miles driven in 2013 = 32,000
Now,
Using the straight line method of depreciation
Rate of annual depreciation = [ Cost - Salvage value ] ÷ Useful life
= [ $90,000 - $3,600 ] ÷ 120,000
= $0.72 per mile
Therefore,
The depreciation expense for 2012
= Rate of annual depreciation × Number of miles driven in 2012
= $0.72 per mile × 18,000
= $12,960
Hence,
Option (b) $12,960
Answer:
$45,000
Explanation:
Details Amount
Factory payroll in cash $180,000
Ration of Direct labor to Indirect Labor "3:1"
Total = 3 + 1 = 4
So, Indirect Labor = $180,000*1/4 = $45,000
The amount to be debited to Factory Overhead for indirect labor for this month $45,000
Answer:
C. per-unit production costs rise as the economy moves toward and beyond its full-employment real output
Explanation: