Answer: B. Backordering is not a strategy to manage service capacity.
Explanation: Service capacity is making sure that everyone involved in the business is producing the highest possible output of their services. All staff, departments and equipments should be pushing to maintain a high level of service capacity which is why hiring extra workers to make sure the job gets done is a strategy to manage service capacity. Pricing and promotion is also a strategy to manage service capacity so that the products/services are being used.
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Answer:
b. The demand for the company’s products is elastic, so total revenue declines when prices are raised.
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
If prices are increased, the quantity demanded falls more than the percentage rise in price. As a result total revenue falls.
Demand is inelastic if a change in price has little or no effect on quantity demanded.
If demand is inelastic and prices are increased, the change in quantity demanded would be less than the change in price , as a result , total revenue would rise.
I hope my answer helps you
Answer:
The answer is A.
Explanation:
A perfectly competitive factor market can be defined as a perfectly competitive market where all the products produced by different manufacturers are the same, the product cost and the price of the product are known to all parties etc.
Imperfect information in economics refers to a situation where the information among different parties such as manufacturer, consumer etc is not equal and balanced.
The correct answer among the given options is A, hiring workers that have earned good grades in college to make up for the information imbalance and overcome the imperfect information problem.
I hope this answer helps.
Answer:
A. the declaration date.
Explanation:
The date on which a cash dividend becomes a binding legal obligation is on the declaration date.