Answer:
A. Explain how the above (free market competition) would be an advantage for you, the consumer.
Free market competition is advantageous to the consumer because it promotes the supply of many goods and services, at a lower price than other market structures like oligopoly or monopoly.
In the free market, there are many firms, none have market power, and they produce goods and services that have many substitutes. This means that if a firm raises the price of a good, consumers simply flock to another firm that offers a similar product. This mechanism obliges firms to offer their goods at the market-clearing price, which is the best price for the consumer.
B. Describe how an oligopoly OR monopoly could inhibit competition among businesses.
Oligopolies ocurr when there are only a few firms in the market, and monopoly ocurrs when there is only one firm. These two market structures allow firms to charge higher prices than the market-clearing price, and to supply less quantity than the market-clearing quantity.
Besides, oligpolies and monopolies are characterized by high barriers to entry and exit, which keep potential competing firms out of market, inhibiting competition.
Answer:
Hiring temporary workers and outsourcing work
Explanation:
Labour is a factor of production responsible for mental and physical efforts directed to production.
Labour shortage occurs when the demand for labor exceeds the supply. Labor shortage could lead to an increase in wages following the theory of demand. When demand exceeds supply, price tends to go up.
Labor shortage could be solved by hiring temporary workers or outsourcing work.
Temporary workers are workers that are employed for a specific period of time. Temporary staff are ad-hoc staff whose services are only needed at a particular time.
Outsourcing work is a situation where a company will hire another company or person to perform a task on their behalf. E.g, outsourcing the job of cleaners and security personnel to another company. It mean the company will bring its own staff to work in your company.
Temporary employment, whereby workers are engaged only for a specific period of time, includes fixed-term, project- or task-based contracts, as well as seasonal or casual work, including day labour.
When writing the title of an account, how is it formatted? B. the title is capitalized to indicate that it is a specific account name. The title of the account is an important indication so that the person looking for the account can naviagate it easily. This account is formatted with capitalization so that there is no confusion on where to find information.
Hey there!
For salespeople, its all about relationships and conversations and relationships with people. If you're good friends with someone from your consuming company, you can expect to make good sales as they are acquaintances and would want to buy things from people who they can trust.
Therefore, if you can develop friendships and trust with people from the company who would buy from you, they might just accidentally or purposely let you in on secrets from their company that would maximize sales- and that's always the goal of a salesperson.
Hope this helps!
Answer:
Total unitary manufacturing cost= $32
Explanation:
Giving the following information:
Direct materials $ 13
Direct labor $ 5
Variable manufacturing overhead $5
Fixed manufacturing overhead per year $90,000
Units produced= 10,000 units.
<u>The absorption costing method includes all costs related to production, both fixed and variable. </u>The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
Unitary fixed overhead= 90,000/10,000= $9
Total unitary manufacturing cost= 13 + 5 + 5 + 9
Total unitary manufacturing cost= $32
