Answer:
True
Explanation:
Opportunity cost refers to the value of a missed chance as a result of deciding a certain way. It is the forfeited benefit of choosing one option over another. Economists determine the opportunity cost by calculating the value of the next best alternative.
If John buys the ticket, it will cost $20. Attending the concert will cause him not to do his homework, as he cannot be in two places at the same time. The consequence of him not doing his homework is the opportunity cost. Attending the concert will, therefore, cost him the $20 and the opportunity cost.
The likely reason as to why this ad is most likely to work
is because of emotional appeals by which they are likely to work well with the
social identity products that could be describe and read from the scenario
above.
Answer:
$83,000
Explanation:
The computation of the actual manufacturing overhead cost is shown below:
= Indirect labor + depreciation on plant + machinery repair + plant supplies + plant utilities
= $11,000 + $48,000 + $11,000 + $6,000 + $7,000
= $83,000
Only these five items would be considered as a actual manufacturing cost. The rest of the items would be ignored
If the production of a good created both external costs and external benefits, but the external costs were greater, without government intervention, a market economy will not produce the product at all.
In the production and consumption of goods and services, there exist costs that are passed on to a third party. The general public, who is ultimately responsible for paying for them, is in fact subsidizing goods and services with external costs.
External costs are still necessary to be paid for even when they are not included in the product's price. It is ultimately the responsibility of society as a whole to pay for external costs through taxes, accident compensation, medical expenditures, insurance premiums, deterioration in environmental quality, and losses in natural capital.
Usually, the price of goods and services includes External costs, which results in a higher overall cost. Because consumers frequently select the lowest options, clean, sustainable products have a pricing disadvantage.
Learn more about External costs here
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Answer:
test marketing
Explanation:
Test marketing is an experimental test of a product in a real life market. Buyers are studied in live shops or market without them knowing. It is conducted on a small scale to see the effectiveness of a marketing strategy.
When the products do not perform well at the test marketing phase it is assumed it will not also perform well in the real market, so they are termed failed products.
The marketing manager in Ithaca maintains a museum of failed consumer products from the test marketing stage.
