Answer: Maximize profits
Explanation: The basic assumption an economist make is that the owners of a firm always works with the intent of maximizing their profits. As per this approach, the producers in the market determine their prices, inputs and outputs in such a way that it leads to highest profits.
Hence, from the above we can conclude that the right option is C.
Answer:
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Answer: is a seller that has the ability to control to some degree the price of the product it sells.
Explanation:
A price maker is a firm with the ability to influence the market price of its goods or services.
Features of a price makers
1. They are usually monopolies
2. They have a downward-sloping demand curve
3 The goods they produce do not have perfect substitutes,
Answer: Strict product liability
Explanation:
Strict product liability holds that all merchants sellers of defective and dangerous product are responsible for the outcome of their products regardless of who among them is at fault. The merchants bear the risk for this particular product based on how dangerous they seen to be.
fifo uses the oldest cost for cost of goods sold on the income statement and the newest cost for inventory on the balance sheet.
FIFO is an inventory accounting system that means first in, first out. This means that the first goods that are bought are the first that are assumed to be sold and the newest goods are assumed to remain in inventory.
For example, if you purchase 1 unit of a good at $3 on 1/3/21 and a second unit of the good at $5 on 31/03/21. Only one unit of the good is sold If the FIFO method is used, the cost of good sold would be $3 and the ending inventory would be $5.
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