Answer:
Explanation:
The lunch plate industry in Oahu is a perfectly competitive industry.
This industry is also a decreasing cost industry. A decreasing cost industry can be defined as the type of industry where an increase in the number of firms in the industry causes the average production cost to decline.
The industry is currently in long-run equilibrium and has the price level at $5.
As the demand increases, the price level will initially increase. But this increase in the price will cause the profits to increase and thus attract potential firms to join the market.
As the number of firms increases the average cost of production will decrease. As a result, the supply in the market will increase more than the demand.
So the long-run equilibrium will be reestablished at a lower price than earlier.
Answer:
c. coercive.
Explanation:
In the scenario above, the form of power been possessed by the supervisor is explained to be coercive because as an authority figure, you are been compelled by the supervisor to do a lot of work in the working environment. This power is said to be psychological as the person involved is been pressure mentally but in a subtle way.
In a severe cases, it is seen as psychological abuse whereby the superior or supervisor exudes power over the junior or lower worker, this is seen in forms of intimidation and sometimes humiliation.
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Answer:
c. $3,750
Explanation:
Green Thumb Company provides two years warranty for any product defect. The provision needs to be made for the warranty expense and it should be reported in the balance sheet as warranty liability. The company budgets the warranty expense to be 2% in year of sales which is $2,400 ($120,000 * 2%) and 3% in the year after sale which is $1,350 ($45,000 * 3%). The total warranty liability for the year 2017 which will be reported at December 31, 2017 is $3,750.
Answer:
opportunity cost is define as given below
Explanation:
- Opportunity cost can be defined as sacrifice for the individual, company or government. The opportunity cost of obtaining products or services is a forgiving option. For a person who aims to maximize his benefit from his limited available resources, he must allocate these limited resources to those who are most important. Opportunity Costing helps a person make good use of their scarce resources. .
- Opportunity cost is also important for a company because the company has to allocate its limited available raw materials to produce a certain product with high demand at the expense of other products that are less demanding.
