Answer:
Falling long-run average cost curve.
Explanation:
A firm encountering economies of scale over some range of output will have a falling long-run average cost curve because the firm uses the lowest or most efficient cost per unit at each level of production. Economies of scale in business management refers to the process when there's an increased level of production (more units of goods or services can be produced), yet with fewer input or proportionate savings costs.
Also, The long-run average cost (LRAC) curve represents the firm's lowest cost per unit at each level of production, assuming the factors of production chosen are variable and thus, being the optimal factor of production mix.
Hence,The falling long-run average cost (LRAC) is in essence an advantageous or efficiencies in cost or production that results in increased level of output for a firm.
<span>This means that:
-the value of output in 2015 was around $17.3 trillion
-total income in 2015 was around $17.3 trillion
-total spending in 2015 was around $17.3 trillion
Value of output and total spending has basically similar meaning because they account for the total amount required to produce all output/product within the period.
Assuming that it's all gonna be sold, the total income will be at least close to the amount needed for production because the nominal GDP is evaluated at current market prices.</span>
Answer:
Internal Control is designed to ensure all of the items described in the answer.
Explanation:
Internal control refers to the control measures adopted by an entity so as to ensure compliance with legal framework, check frauds and errors and for reliable financial reporting.
Compliance procedures are the processes designed to check whether internal controls exist in an organization and if they do, whether such controls are operating effectively.
For e.g biometric authentication with regard to attendance keeps a check on the number of employees actually working during a period and eliminates the possibility of dummy names in the attendance records. This is an example of internal control i.e control measures created by organization itself.
