Please answer the questions in the image. This is so frustrating....

Complete the following sentence. When the long run average cost (LRAC) curve has a positive slope, it implies there are:

Andreas93 [3]

Answer:

It implies there are diseconomies of scale.

Explanation:

It implies there are diseconomies of scale in the industry

Because as the quantity of units output increase, the cost also increase. While in economies of scale, the slope for the LRAC will be negative, as each increase in output lowers the cost.

When this occurs, there is a lower change of monopoly in the industry, as the larger firm also faces the larger cost, so the supply tend to be more diverse.

While a, indifined negative slope will generate monopolies as their cost become lower at gerater the output.

4 0

2 years ago

The direct labor budget begins with the required production in units from the production budget.

miv72 [106K]

I believe the Answer is false

6 0

2 years ago

1. Define business. Explain the functions of business.

kotegsom [21]

$\large{ \tt{☄ \: ANSWER}} :$

↦ Business is an economic activity that is directed towards acquiring and earning profit and wealth through customer's satisfaction. It plays an important role for the economic development of the country and uplift living standard of the people. Some of the functions of business are described below :

Creation of utilities : For the fulfillment of needs of customers , business creates various types of utilities. A business has many components and each component is involved in the creation of the certain utility. For instance : manufacturers create from utility , transportation system created place utility , warehousing time utility and insurance companies risk utility.

Generation of employment : Business is a source of employment. Various types of employees are required to a business. In industries , both skilled and unskilled manpower are required for production , distribution and auxiliaries functions. Hence , the development of industry and commerce helps to solve the unemployment problem of a nation.

Earning Foreign Currency : Business is the main source of earning Foreign Currency. Foreign currency can be earned by exporting surplus products and services to foreign countries. The development of export trade brings favourable balance in payment.

Provides investment opportunities : Business provides investment opportunities to the investors in production and distribution activities. Depending on the nature of investment ; investors receive dividend , interest or other financial benefits. The persons of organizations having sufficient capital can invest their money in production and commercial activities according to their interest , capability and knowledge.

$\large{ \tt{✺ \: STUDY \: TIP}} :$

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3 0

2 years ago

2. Skip and Peggy are brother and sister and they fight about everything. Skip says that perfectly competitive firms maximize pr

finlep [7]

Answer: They are both right.

Explanation:

Firms in every market will always maximise profit where their Marginal Revenue equals Marginal Cost because at this point, resources are being fully utilized. This is therefore no different in a Perfectly competitive market so Skip is correct.

Peggy is also correct however because in a Perfectly Competitive market, the demand curve is perfectly elastic. This creates a situation where the Price, Marginal Revenue and Average Revenue are all the same and represent the demand curve as well.

With the Price being the same as the Marginal Revenue in a Perfectly competitive firm, that means that where the Price equals Marginal Cost is where the Marginal Revenue equals Marginal Cost as well so indeed perfectly competitive firms maximize profit where price equals marginal cost.

5 0

3 years ago

Acme inc. has a mission statement that is open to interpretation. many stakeholders identify with it. their mission statement is

shtirl [24]

Thank you for posting your question here at brainly. I hope the answer will help. The mission statement "Acme inc. has a mission statement that is open to interpretation. Many stakeholders identify with it." is <span>ambiguous.</span>

5 0

2 years ago

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