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zhenek [66]
3 years ago
12

A profit-maximizing firm will Multiple Choice

Business
1 answer:
Paul [167]3 years ago
3 0

Answer:

The correct answer is option a.

Explanation:

The marginal revenue product can be defined as the additional revenue earned because of hiring an additional unit of labor. In other words, it measures the change in total revenue due to a change in the quantity of input employed.  

The marginal resource cost is the cost of hiring an additional unit of input. In other words, it is the change in total cost due to a change in the quantity of input employed.  

A firm is able to maximize profit if both marginal revenue product and marginal resource cost are equal. If the marginal revenue product is greater than the marginal resource cost, the firm will be able to maximize profit by hiring more inputs.

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Demand for movie rentals is highly elastic. What will happen if a video store raises the price of a rental?
adelina 88 [10]

Answer:

It will lose revenue

Explanation:

An elastic demand (which are found in goods or services that have substitutes) moves proportionally to price changes.

It means that, if the price of the good rise, then the demand will diminish. The opposite works the same, if the price reduces, then the demand will grow.

On the other hand, elasticity refers to the impact of the prices on the demand of the goods and there are key factors that influence this relation:

  • Necessity of the good (or product)
  • The existence of substitutes goods or alternatives to those goods
  • Time

5 0
4 years ago
Read 2 more answers
Oriole Company has an inexperienced accountant. During the first month on the job, the accountant made the following errors in j
Yuki888 [10]

Answer:

Part 1. The purchase of supplies for $760 cash was debited to Equipment $200 and credited to Cash $200.

Merchandise $ 760 (debit)

Cash $ 560 (credit)

Equipment $200(credit)

Part 2. A $530 dividend was debited to Salaries and Wages Expense $800 and credited to Cash $800.

Cash $270 (debit)

Dividend $530 (debit)

Salaries and Wages $ 800 (credit)

Part 3. A payment on account of $700 to a creditor was debited to Accounts Payable $230 and credited to Cash $230

Account Payable $470(debit)

Cash $470 (credit)

Explanation:

Part 1. The purchase of supplies for $760 cash was debited to Equipment $200 and credited to Cash $200.

Derecognise the $ 200 Equipment recored in error.The Cash figure was understated, therefore derecognise a further $560 to reflect the outflow of economic benefits. Lastly the Merchandise or Inventory Account must the recognised. This is the correct asset account to the original transaction.

Part 2. A $530 dividend was debited to Salaries and Wages Expense $800 and credited to Cash $800.

Recognise an equity element - Divident. Assets of cash were overstated therefore recognise the overstated amount of $270. Salaries and Wages Account was recognised in error therefore de-recognise this expense account.

Part 3. A payment on account of $700 to a creditor was debited to Accounts Payable $230 and credited to Cash $230

The transactions was recorded in correct accounts for the debit and credit but with wrong or understated amounts. Recognise a further $230 for Accounts Payable and a further 4230 for Cash

5 0
4 years ago
During a business cycle expansion, total production ________ and total employment ______
kicyunya [14]

During a business cycle expansion, total production increases and total employment increases.

<h3>What does "business cycle" mean?</h3>
  • Business cycles are a sort of variation that may be observed in the overall economic activity of a country.
  • A business cycle is made up of expansions that occur roughly at the same time in many different economic activities, followed by contractions that are similarly widespread (recessions).
  • This series of modifications is periodic but not recurring. Economic activity goes through periods of boom and then contraction during business cycles.
  • Both the general welfare of society and the welfare of private entities are affected by these developments.

To learn more about business cycles, refer to the following link:

brainly.com/question/26086110

#SPJ4

7 0
2 years ago
Joey realizes that he has charged too much on his credit card and has racked up $5,000 in debt. If he can pay $150 each month an
olasank [31]

Answer:

47 months

Explanation:

This can be calculated using a financial calculator :

I = 18% / 12 = 1.50%

PV = -5000

PMT = 150

FV = 0

N = 47 months

6 0
3 years ago
What method of decision making for a consumer
RSB [31]

Answer:

2 is the answer because of the method which has been discribed by the book

3 0
2 years ago
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