Answer:
It is the theory of Market Imperfections
Explanation:
Market imperfections theory is said to be when a trade theory is brought about from international markets where perfect competition does not exist. It occurs when at least, one of the assumptions for perfect competition is violated and this results to what we call an imperfect market.
Answer: I do not agree with that statement.
Explanation: Auditing is a term used to describe the various processes and activities put in place to review, examine and verify the financial reports and statements of an organisation. When effectively implemented, it has the advantage of ensuring the following.
I. Improved quality of financial statements
II. Reduced chances for fraudulent activities.
III. Proper documentation and reporting of daily Transactions.
IV. Improved monitoring and evaluation of the financial activities of an organisation.
V. It is a statutory requirements and obligation for Business Organisations.
VI. It will help to make the financial records of an organisation to be more accessible and transparent.
Many organisations have continued to Implement periodic audits and make it part of their processes, system and policy as it has benefited them and helped them to comply with statutory regulations and obligations.
Answer:
B. People do not like to act predictably, even with perfect information.
Explanation:
Rational choice theory states that people tend to make logical calculations when they are trying to make choices. This is aimed at making sure that choices made are in line with their objectives.
The expectation is to provide the individual with greatest satisfaction.
Therefore people choose the optimal solution and not just the acceptable one.
The individual's ability to conduct analysis can limit their rationality.
However the statement that people do not act rationally even with perfect information is in conflict with the rational choice theory
Answer: Self-interest, competition, and incentives promote smoothly running markets. Unforeseen events disturb supplies of goods and services and affect prices in the marketplace. Rising prices, specialization, negative incentives, and multiple markets.
Explanation: Hope this helps :)
Answer:
1,708 Unfavorable
Explanation:
Revenue Variance = Budgeted Revenue - Actual Revenue, and where actual revenue is less than standard revenue, then variance will be unfavorable.
Note: The variance is calculated for revenue and not the net profit, because both are different terms.
Budgeted = 3,100 tenant days
Actual = 3,120 tenant days
Revenue Budgeted for actual tenant days = $34 
3,120 = $106,080
Less: Actual Revenue = $104,372
Since Standard revenue is more than actual revenue, the variance will be unfavorable = $106,080 - $104,372 = 1,708 Unfavorable
