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Alexeev081 [22]
3 years ago
10

12. An industry is defined as: a. A collection of firms that compete with one another in a single product market. b. A collectio

n of firms that exist in a particular geographical area (e.g. Spain). c. A collection of firms that use similar distribution channels. d. All of the above.
Business
1 answer:
nata0808 [166]3 years ago
5 0

Answer: a. A collection of firms that compete with one another in a single product market

Explanation: An industry would be defined as a collection of firms that compete with one another in a single product market. In other words, an industry consists of a group of businesses of the same type, considered as a whole, and consists of large-scale enterprises in a sector of the economy. These businesses are classed into industries based on the primary product produced or sold (major source of revenue).

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Terrence Industries charges manufacturing overhead to products by using a predetermined application rate, computed on the basis
puteri [66]

Answer:

See below

Explanation:

First, we need to get the predetermined rate

Predetermined rate = Cost of manufacturing overhead / Cost driver

= $1,800,000/60,000

= $30

We will now calculate the application.

Actual labor hours × rate

= 61,500 × $30

= $1,845,000

We will now compare actual with overhead cost

= Applied Overhead cost - Actual manufacturing overhead

= $1,845,000 - $1,810,000

= $35,000

The above is an over application of overhead cost because the cost applied exceed the actual cost.

5 0
2 years ago
Which of the following are microeconomic problems? (You may select more than one answer.)(a) Work/leisure choice.(b) Marketing s
Ksivusya [100]

Answer:

(a) Work/leisure choice

(b) Marketing strategy

Explanation:

Microeconomic issues relate to those that are within the scope and power of individuals, households and firms which means that problems here will relate to decisions that these participants make in relation to resource allocation.

Choices relating to leisure or work have to do with the individual and the resources they would need or derive from either work or leisure and so are a microeconomic problem.

The marketing strategy that a firm should pursue is related to an individual firm and so is a microeconomic problem as well.

8 0
3 years ago
Identify something you buy or sell that could be bought or sold using an auction. How would you run the auction? Do a benefit-co
denis-greek [22]

There are various things that could be bought or sold by an auction such as Collectibles and art, antiques, real estate sporting goods etc.

There are several ways to conduct an auction, but the first-price auction and second-price sealed-bid auctions are the most common. In first-price auctions, the person whose bid is highest than the base offer will win the auction. The highest bidder in a sealed-bid auction with a second price pays for the second-highest bid. If there are several bidders on a piece of real estate, for instance, the property will go to the highest bidder, but in this situation, the highest bidder will only have to pay the price of the second-highest bid.

The cost-benefit analysis indicates that auctions will aid in the sale of the rare products at a price over its minimum worth, based on the cost-benefit analysis. The best profit will therefore be made in this situation, but the consumer surplus is still positive.

Learn more about auction here:

brainly.com/question/14836880

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6 0
1 year ago
What is the drawback of carrying more inventory than is needed?
lbvjy [14]

Answer:

One of the most important disadvantages of excess inventory is the loss of revenue. Products depreciate over time and lose their initial value. So the longer you hold a product, the cheaper it gets.

7 0
3 years ago
Read 2 more answers
wilson corporation exchanged land and $4,500 cash for material handling equipment. the land had a book value of $45,000 and a fa
77julia77 [94]

Book Value Of Asset 58500000. Book Value of Assets is the asset's value in the books of records of a company or an institution at any given instance.

Assets Book Value Formula = Total Value of an Asset – Depreciation – Other Expenses

Book Value Of Asset  is$4,500(58,000 - 45,000) and the fair value of asset exchanged is58500000. As there is a change in the value, this substance exists in the transaction.

Commercial substance exists in business transactions where the outcome is anticipated to change the company's cash flows in the future and is considered only when there is a significant alteration in the risk of cash inflow, the timing of cash inflow, and the amount paid as a result of the transaction.

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7 0
1 year ago
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