a. When the forces of supply and demand lead to an inefficient outcome: economists call this a market failure.
<h3>What is meant by market failure?</h3>
This is the term that has to do with the state where the market that is an economy can be said to not be working.
b. The question in this category needs us to be able to fill in the details from the question into the empty boxes. Therefore:
For the efficient box
- a market in which economic surplus is maximized
For the inefficient box:
- a market transaction in which buyers or sellers behave irrationally
- a market transaction in which one party has information not available to other party
- a market dominated by few powerful businesses
- a market in which government regulation creates distortions
Read more on market failure here:
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Answer:
B. $ 51 per unit
Explanation:
The computation of the unit product cost using variable costing is shown below:
= Direct material per unit + direct labor per unit + variable manufacturing overhead per unit
= $7 units + $26 + $18
= $51 per unit
It recognizes only variable cost like - direct material, direct labor, and variable manufacturing cost. Hence, all other information is ignored
Answer:
b. does not change real variables. Most economists think this is a good description of the economy in the long run but not in the short run
Explanation:
According to money neutrality, change in the money supply does not change real variables since most economists think this is a good description of the economy in the long run but not the short run.
Answer:
$40,970
Explanation:
The computation of the total cost of the material K is given below;
Material needed for August sales:
= 14,000 × 3
= 42,000
Desired ending inventory:
= 14,500 × 3 × 20%
= 8,700
Beginning inventory:
= 2,500
Now
Purchases in August:
= (42,000 + 8,700 - 2,500) × $0.85
= $40,970
Answer:
hope it helps..
Explanation:
Automakers sold vehicles through department stores, by mail order and through the efforts of traveling sales representatives. The prevailing delivery system was direct-to-consumer sales.
