Hello, your correct answer is,
<span>C) Tree branch breaks your bedroom window during a storm.
Hope I helped, tell me if I'm wrong!
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Answer:
(C) the forces of supply and demand
Explanation:
In a perfectly competitive industry, no single buyer nor seller will be able to influence prices thus marking the forces of demand and supply (the invisible hand) the determinant of pricing. Each buyer or seller will only account for a minute portion of total demand and supply thus making their influence of market price insignificant.
Options (A), (B) and (D) are incorrect as the largest firms, individual sellers and individual buyers do not influence pricing over price in a perfectly competitive market.
Explanation:
To understand the basic philosophy behind the four factors of production
Land - Labor - Capital - Entrepreneurship
Lets consider an example:
Someday, just finishing your college, you think of starting a pizza business and you start selling pizza's one day. You might end up making a Pizza brand like Pizza Hut.
Here, in this example, to start your pizza shop, you need a place or area, this is known as Land factor. When you start making pizza, you need someone to work in that shop, (or if you doing it by yourself too) there should be at least some human being doing it, this factor is referred as Labor. To start the pizza shop, you need to buy the equipment, taking a shop on rent, or buying it, renovation of the shop etc. All of these things need, of course, Money, which is referred as Capital here. The idea you going to start this business, the courage to make it, definitely makes you an Entrepreneur, in utilizing all other factors effectively and efficiently. Therefore, this is linkage between these four factors of production, and how they fit together.
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
Each unit of output requires 0.52 direct labor-hours. The direct labor rate is $9.00 per direct labor-hour. The production budget calls for producing 1,700 units in April and 1,600 units in May. The company is committed to paying its direct labor workforce for at least 960 hours a month.
We need to calculate the total number of hours required each month.
April:
Direct labor hours= 1,700 units* 0.52= 884 hours
Total cost= 960 hours*$9= $8,640
May:
Direct labor hours= 1,600 units* 0.52= 832 hours
Total cost= 960 hours*$9= $8,640
