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when choosing over the next best alternative due to trade offs faced, what is given up is called the

Alex Ar [27]

Answer:

b. opportunity cost

Explanation:

The opportunity cost is a term for a process when one thing is chosen and the other alternatives are lost as a cost. This is one of the key concepts in economics, as it explains the gain, costs, benefits, and choices. It doesn’t only have to refer to the money cost, but to any loss, that is made during the process of choosing between the alternatives.

The profit and benefits of other choices are lost by making a decision to chose one thing, and benefiting it from it alone.

8 0

3 years ago

A market-sharing pact negotiated by trading partners that results in voluntary quotas applied to exports in order to protect the

Gnesinka [82]

The market-sharing pact or agreement negotiated by trading partners that give rise to voluntary quotas of exports aimed at protecting the importing country's domestic firms is called a voluntary export restraint (VER).

<h3>What is voluntary export restraint (VER)?</h3>

Voluntary export restraints (VER) are export arrangements between exporting and importing countries so that the exporter agrees to limit the number of some exports.

VER allows the importing country's domestic firms to survive export dumping. It is the opposite of voluntary import expansions (VIE). VIE, which is a part of international trade agreements, allows for more imports by lowering tariffs or dropping quotas.

Thus, the market-sharing pact negotiated by trading partners allowing for voluntary quotas on exports is called voluntary export restraint (VER).

Learn more about international trade agreements at brainly.com/question/1465144

6 0

2 years ago

Byrd Company produces one product, a putter called GO-Putter. Byrd uses a standard cost system and determines that it should tak

torisob [31]

Answer:

Results are below.

Explanation:

Giving the following information:

Estimated direct labor hours= 135,000

Estimated varaible overhead= $337,500

Estimated fixed overhead= $540,000

To calculate the predetermined overhead rate, we need to use the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Variable:

Predetermined manufacturing overhead rate= 337,500/135,000= $2.5 per direct labor hour

Fixed:

Predetermined manufacturing overhead rate= 540,000/135,000= $4 per direct labor hour

3 0

3 years ago

Suppose two economists are debating a tax reform bill. Both economists agree that the bill would increase the after-tax income o

valentina_108 [34]

Answer:

d) Differences in values.

4 0

3 years ago

Revved Rider Inc., a motorcycle company, is the market leader due to its superior engine technology and service orientation. The

Eddi Din [679]

Answer: Option B

Explanation:

Revved Rider company is the market leader as the company possess a superior engine technology that is not owned by other companies. This proves that the company has competitive advantage of technology over the competitors in the market.

Competitive advantage means having an advantageous quality which the other companies do not have in the market. When a company has competitive advantage it can become a price leader or market leader. It also becomes the consumer's most preferred company when compared to other companies.

5 0

3 years ago