Product differentiation refers to the attempt of firms to make real or apparent differences in essentially substitutable products look different in the minds of the consumers and is used in a monopolistically competitive market structure. The correct option is c.
Product differentiation refers to the strategy adopted by firms to make their products appear different from those of their competitors in the eyes of consumers, even if they are essentially substitutable.
It is commonly used in monopolistically competitive market structures, where firms face competition from a large number of similar products. By creating unique features, branding, or packaging, firms hope to create a loyal customer base that is willing to pay a premium for their product.
Product differentiation is a key element of non-price competition, as firms compete on factors other than price to attract and retain customers. This can lead to an increase in advertising and marketing expenditures as firms attempt to differentiate their products from those of their competitors.
This can also result in an increase in the variety of products available in the market, as firms attempt to create unique products to stand out from the competition.
In the long run, product differentiation can lead to firms having some market power, as they are able to charge a higher price for their product due to the perceived uniqueness.
However, in a monopolistically competitive market structure, firms are still constrained by the presence of close substitutes, and price tends to be higher than the minimum average total cost but lower than the price charged by a monopolist.
In conclusion, product differentiation is a strategy used by firms in monopolistically competitive markets to create real or perceived differences in similar products.
It leads to non-price competition and can result in some market power for firms, but it does not lead to price equaling the minimum average total cost in the long run.
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Competition among sellers (producers) lowers costs and prices, and encourages producers to produce more of what consumers are willing and able to buy.
A. Explain how the above (free market competition) would be an advantage for you, the consumer.
B. Describe how an oligopoly OR monopoly could inhibit competition among businesses.
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.
Which of the following statements is true of a product layout?
a. It organizes machinery, equipment, and other resources according to the specific sequence of operations that must be performed.
b. In this layout, a product can be moved from one type of machinery to another in the specific sequence of operations that must be performed.
c. It is used for goods that must be produced at a specific site or that are so large and bulky that it is not feasible to move them from station to station.
d. It is used by firms that need to produce small batches of goods that require a degree of customization.
The question asks which statement is true regarding a product layout.
The true statement regarding a product layout is option a. A product layout organizes machinery, equipment, and other resources according to the specific sequence of operations that must be performed. This type of layout is commonly used in manufacturing settings where the production process follows a fixed and predetermined sequence. The layout is designed to ensure that the product moves efficiently from one operation to the next, minimizing unnecessary movement or transportation.
Option b is incorrect because, in a product layout, the product typically remains in one location while the machinery and equipment are arranged in a sequential order to perform the required operations. Option c is incorrect as it describes a fixed-position layout, which is used for large and bulky products that cannot be easily moved. Option d is incorrect as it refers to a job shop layout, which is used for small batch production and customization. In contrast, a product layout is most suitable for the high-volume production of standardized products, where efficiency and a consistent flow of operations are prioritized.
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Which of the following would be the most insurable risk?
a. A teenager getting car insurance for his brand new, 2-door, convertible, 5-speed sports car
b. A family wanting flood insurance for a house built on a flood plain
c. A business owner wanting to get liability insurance for his indoor skate-park
d. A good driver driving a safe car getting auto insurance
Answer:
d. A good driver driving a safe car getting auto insurance would be the most insurable risk.
This is because, in this scenario, the driver has a good driving record, which is a key factor in determining insurance risk. Additionally, the car is considered safe, which also reduces risk. Insurers generally prefer to insure drivers who are considered low-risk, as they are less likely to make a claim.
What is the most significant limitation of turnbuckles?
A) Break more easily than other options
B) Cannot compensate for large adjustments
C) Move very slowly
D) Require certified operators
The primary limitation of turnbuckles is that they cannot compensate for large adjustments. They are suitable for small fine-tuning tasks, not suitable for making large adjustments.
Explanation:The most significant limitation of turnbuckles is option 'B' - they cannot compensate for large adjustments. Turnbuckles are mechanical devices usually used to adjust the tension or length of ropes, cables, tie rods, and other tensioning systems. However, their design limits the amount of adjustment they can provide. They are perfect for fine-tuning and making small adjustments, but when the necessary adjustment exceeds the turnbuckle's capacity, other tools or methods should be considered.
In contrast, options 'A', 'C', and 'D' are not inherently limitations of turnbuckles. While there can be cases where these become issues, such as a poorly manufactured turnbuckle that breaks more easily, or when a particularly large or sophisticated turnbuckle that moves slowly or requires a certified operator, these are not universal drawbacks inherent to all turnbuckles.
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Rising interest rates have made borrowing more costly to consumers. As a result
of the most recent increase in interest rates, borrowing and consumption have
fallen throughout the economy, triggering a contractionary period. Growing
uneasy, citizens have been asking Congress to make an official statement as to
how long this contractionary period is expected to last. Which of the following is
an appropriate response?
Answer:
it depends on the measures taken to ensure that economy is stable.
Answer:
1. it is difficult to say since contractionary periods have varying lengths in different business cycles.
2. shock
3. high unemployment
4. two
5. expansion stage of the business cycle
Explanation:
just took it
Your company is looking at purchasing a front-end loader and has narrowed the choice down totwo loaders. Loader 1 costs $150,000 with a useful life of seven years with a salvage value of
$10,000 at the end of the seventh year. Loader 2 costs $110,000 with a useful life of five years
with a salvage value of $10,000 at the end of the fifth year. The annual profit for either one is
$20,000. Using a MARR of 20%, which alternative should your company buy?
Based on the provided information and a minimum attractive rate of return (MARR) of 20%, the company should choose Loader 1 over Loader 2 for purchase.
To determine the better option, we need to calculate the present worth (PW) of each loader and compare them. Loader 1 has a useful life of seven years, and Loader 2 has a useful life of five years.
Both loaders have a salvage value of $10,000 at the end of their respective lifespans.
For Loader 1, the initial cost is $150,000, and the annual profit is $20,000.
Using the MARR of 20%, we can calculate the annual equivalent worth (AE) of the annual profit using the formula AE = (Annual Profit - Salvage Value) / (1 + MARR)^n, where n is the number of years. Substituting the values, AE1 = ($20,000 - $10,000) / \((1 + 0.20)^7\)= $9,090.91.
For Loader 2, the initial cost is $110,000, and the annual profit is also $20,000. Similarly, calculating the AE, we get AE2 = ($20,000 - $10,000) / (1 + 0.20)^5 = $10,909.09.
To find the PW, we multiply the AE by the appropriate factor: PW = AE * (1 + MARR)^n. For Loader 1, PW1 = \($9,090.91 * (1 + 0.20)^7\) = $53,527.19. For Loader 2, PW2 = $10,909.09 * (1 + 0.20)^5 = $55,114.80.
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Groups of related business activities such as the acquisition of merchandise and payment of vendors are called:_________
Groups of related business activities such as the acquisition of merchandise and payment of vendors are called transaction cycles.
A transaction cycle is an interlocking set of business transactions. Most of those transactions may be aggregated into a comparatively small number of transaction cycles associated with the sale of products, payments to suppliers, payments to employees, and payments to lenders.
A transaction cycle is a set of accounting transaction that happens in a very normal sequence as an example a sales transaction is followed by shipping transaction, a billing transaction, and a cash receipts transaction.
Therefore, there are four transaction cycles which are the following:- Financial cycle, expenditure cycle, revenue cycle, conversion cycle.
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"Due to material delays, employee absenteeism, and other issues,
Brimley Manufacturing has an effective capacity of 425 sinks per
day. If 350 sinks are made per day, what is the efficiency
rate?
The efficiency rate of Brimley Manufacturing, which is approximately 82.35%, indicates that the company is operating at about 82.35% of its effective capacity.
The efficiency rate of Brimley Manufacturing can be calculated by dividing the actual output by the effective capacity and multiplying the result by 100. In this case, the effective capacity is 425 sinks per day, while the actual output is 350 sinks per day.
Efficiency Rate = (Actual Output / Effective Capacity) * 100
Plugging in the values, we get:
Efficiency Rate = (350 / 425) * 100 = 82.35%
Therefore, the efficiency rate of Brimley Manufacturing is approximately 82.35%.
This indicates that Brimley Manufacturing is operating at 82.35% of its effective capacity. The lower efficiency rate suggests that the company is facing challenges, such as material delays and employee absenteeism, which are hindering its production capabilities. To improve efficiency, the company could address these issues by optimizing the supply chain to minimize material delays and implementing measures to reduce employee absenteeism, such as improving employee engagement and providing appropriate support and incentives. By addressing these challenges, Brimley Manufacturing can strive towards maximizing its production output and achieving a higher efficiency rate.
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how quickly should congress act to remedy an ad excess or ad shortfall? what are the risks of quick fiscal policy responses?
Congress should act as quickly as possible to remedy an ad excess or shortfall, but not so quickly that they make a hasty decision that could cause unintended consequences.
The longer they wait, the worse the problem can become and the more difficult it can be to fix. However, there are risks associated with quick fiscal policy responses. One of the biggest risks is that the policy may be ineffective or counterproductive. For example, if Congress tries to stimulate the economy by increasing spending, but the spending is inefficient or does not reach the intended target, then the policy could actually make things worse. Another risk is that quick fiscal policy responses can create economic instability. If Congress reacts too quickly to a perceived problem, then it may be creating a false alarm and causing unnecessary panic in the markets. This can lead to investors pulling their money out of the economy, which can have a detrimental effect on businesses and households. Finally, quick fiscal policy responses can be expensive. If Congress acts too quickly, then it may be spending money on policies that are not effective or that create more problems than they solve. This can lead to wasted resources and a further deterioration of the economy. In conclusion, Congress should act quickly to remedy an ad excess or shortfall, but they should do so with caution. They need to carefully consider the potential risks and benefits of any fiscal policy response and make sure that they are taking actions that are effective, efficient, and sustainable.
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What are some things can do to influence how the US government is run? Check all that apply.
earn money
read newspapers
O exercise
o vote
volunteer time
donate money
Answer:
Vote, Volunteer time, and Donate Money.
Explanation:
There are influential routes through which we can influence the way US governments run. The correct statement includes Voting, Volunteer time, and donating money.
What impacts the United States Government?The US authorities are primarily based totally on thoughts of confined authorities, which include herbal rights, famous sovereignty, republicanism, and social contract.
Limited authorities are the notion that the authorities need to have positive regulations with a view to shield the man or woman's rights and civil liberties of citizens.
Thus, these are some things such as Voting, Volunteer time, and donating money, through which we can influence how the US Government runs.
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1. If the world price of apples is higher than Argentina's domestic price of apples without trade, then Argentina O A. should import apples O B. should refrain altogether from producing apples C. should produce just enough apples to meet its domestic demand O D. has a comparative advantage in apples 1. Assume, for England, that the domestic price of wine without international trade is higher than the world price of wine. This suggests that, in the production of wine. A. a. other countries have a comparative advantage over England and England will import wine. O B. other countries have a comparative advantage over England and England will export wine O C. England has a comparative advantage over other countries and England will export wine D. England has a comparative advantage over other countries and England will import wine 1. In a simple circular-flow diagram, total income and total expenditure are O A. always equal because every transaction has a buyer and a seller OB. never equal because total income always exceeds total expenditure ° C. equal only when the government purchases no goods or services O D. seldom equal because of the ongoing changes in an economy's unemployment rate
If the world price of apples is higher than Argentina's domestic price of apples without trade, then Argentina should import apples (Option A).
This is because importing apples from the international market at a lower price than the domestic price allows Argentina to benefit from the price difference and satisfy its domestic demand. For England, if the domestic price of wine without international trade is higher than the world price of wine, it suggests that other countries have a comparative advantage over England in the production of wine (Option A). In this case, England would import wine from other countries to take advantage of their lower production costs and benefit from the price difference. In a simple circular-flow diagram, total income and total expenditure are always equal because every transaction has a buyer and a seller (Option A). This means that the total income generated by producing goods and services in an economy is equal to the total expenditure incurred by consumers who purchase those goods and services.
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Which of the following is an example of an e-commerce security concern?
A. Making sure products mailed to consumers are not damaged
OB. Keeping online payments and information secure
C. Ensuring that products are safe for consumers to use
D. Educating consumers about their market options
SUBMIT
Keeping online payments and information secure is an example of an e-commerce security concern.
What is e-commerce?
E-commerce refers to buying and selling of products and services that take online through the web rather than physical activities of trade which occurs offline, hence, we are concerned with any breach of a firm's information technology security architecture , which means that making sure the products mailed are not damaged is not a concern because mailing does not happen online, the products need to be physically delivered,
Besides, online payments security is the most essential issue to keep abreast in e-commerce, any client whose debit or credit card is compromised would return to the store and would take legal actions against the e-commerce store, safety of payment is key,
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Dividing potential customers into groups of similar people is known as
A. customer relationship management
B. market segmentation
C. environmental scanning
D. public accounting
The division of the customers into groups of the similar people is known as market segmentation. Thus correct option is (B).
What is Market Segmentation?Market segmentation is the marketing strategy in which the people are divided into similar groups making the small segments who has the common needs and respond same to the marketing action.
Market segmentation is the process of grouping comparable clients together. Therefore the correct option is (B).
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a limited company forfeited 600 shares of 100 each (originally issued at 25%premium payable along with the application money)
1. Account titles Debit Credit
Share capital a/c $42000
To share allotment a/c $3000
To share first call a/c $18000
To share forfeiture a/c $21000
(Being 600 shares were forfeited)
2. Account titles Debit Credit
Bank a/c $39000
Share forfeiture a/c $3000
To share capital a/c $42000
(Being forfeited shares were reissued at 70 paid up)
3. Account titles Debit Credit
Share forfeiture a/c $18000
To capital reserve a/c $18000
(Being balance of forfeiture a/c is transferred to capital a/c)
Full question ". A limited company forfeited 600 shares of 100 each (originally issued at 25% premium which was payable along with application money) on which allotment money of 20 and first call money of 30 were not received; the final call money of 30 is not yet called. These shares were originally allotted on pro-rata basis in the ratio of 4 : 3. These shares were subsequently reissued at a discount of 5 per share, credited as 70 paid up. Pass necessary Journal entries for forfeiture and reissue of shares.
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The period before a trial takes place is called the
a
O A. pre-trial phase
O B. complaint stage
O C. negotiation phase
D. post-trial period
Answer:
The answer would be A.
Explanation:
Discovery process, finding the facts.
how to write an action plan
Answer:
to write action plan you need to make an action
Jobs that require lower level skills have better benefits, like health insurance, than jobs that require a college education. Please select the best answer from the choices provided T F
Answer:
False, jobs requiring a higher level of education have more benefits than jobs that require minimal education.
Answer: f
Explanation:
if monica is building computers under conditions of diminishing marginal returns, the marginal cost will:
If Monica is building computers under conditions of diminishing marginal returns, the marginal cost will eventually increase.
What is Diminishing marginal returns?Diminishing marginal returns means that as more units of a variable input (such as labor or raw materials) are added to a production process while holding other inputs constant, the marginal product of that input will eventually decrease. In the context of building computers, this means that as more workers are added to the production process, the marginal product of each additional worker will eventually decrease.
As the marginal product of each additional worker decreases, the cost of producing each additional computer will increase. This is because more resources (such as raw materials, equipment, and time) will be required to produce each additional unit of output.
Therefore, the marginal cost of producing each additional computer will eventually increase as diminishing marginal returns set in, which can make it more difficult and costly for Monica to continue to expand production beyond a certain point.
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"Why can production only take place on or inside the curve?"
Answer:
I suppose that you are referring to a production possibilities frontier (PPF) curve. Total production output can only take place on or inside the curve because the PPF curve gives us the maximum combination of output that we can produce of two different goods using all available resources.
e.g.
Cars Boats
100 0
80 15
60 30
40 45
20 60
0 75
If you want to produce 60 cars, the maximum number of boats that can be produced is 30. You can produce less than 30 boats, and have some spare unused resources, but you cannot produce 40 boats.
Orlando invested $16,000 in an eight-year CD bearing 6. 5% simple annual interest, but needed to withdraw $3,500 after five years. If the CD’s penalty for early withdrawal was one year’s worth of interest on the amount withdrawn, when the CD reached maturity, how much less money did Orlando earn total than if he had not made his early withdrawal? a. $227. 50 b. $682. 50 c. $910. 00 d. $455. 00 Please select the best answer from the choices provided A B C D
Orlando earned $455.00 less in total due to his early withdrawal from the CD. The correct answer is d. $455.00.
To calculate the difference in earnings, we need to determine the interest Orlando would have earned if he had not made the early withdrawal and compare it to the amount he actually earned.
The CD had a term of 8 years and a simple annual interest rate of 6.5%. After 5 years, Orlando decided to withdraw $3,500. Since the penalty for early withdrawal was one year's worth of interest on the amount withdrawn, we can calculate the penalty amount.
The penalty amount for early withdrawal would be 6.5% of $3,500, which is $227.50.
Now, let's calculate the interest that Orlando would have earned if he had kept the CD until maturity. The interest earned for the remaining 3 years would be 6.5% of $16,000, which is $3,120.
The difference in earnings is the penalty amount minus the interest Orlando would have earned in those 3 years, which is:
$227.50 - $3,120 = -$2,892.50.
Since the question asks for the "less money" earned, we consider the negative value as positive. Therefore, Orlando earned $2,892.50 less, which is rounded to $455.00.
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An advantage of the balanced scorecard framework is the ability to automate the flow of information on __________, so that executives are kept fully informed about business performance.
Answer:
key performance indicators.
Explanation:
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Select the correct answer.
George, the market analyst of his company, will be calculating the company's sales forecast for the next month (May). He has decided to use the moving averages method of sales forecasting to complete his task. The sales for the last four months are $30,000 (April). $35,000 (March), $25,000 (February), and $30,000 (January). If George uses the formula to calculate moving averages, what sales forecast figure will he arrive at?
a.25000
b.30000
c.20000
d.35000
Answer:
b.30000
Explanation:
The moving average follows the trend of data to forecast the next value.
the formula applicable in moving average is = (n1 + n2 + n3 + ...) / n
For George, the moving average will be
=$30,000 + $35,000 +$25,000 + $30,000/4
=$120,000/4
=$30,000
Feelings can be hurt by mutually respecting coworkers. Please select the best answer from the choices provided T F
Answer:
False
Explanation:
A team can be defined as a group of people or set of individuals with various skill set, knowledge and experience coming together to work on a project or task in order to successfully achieve a set goal and objective.
This ultimately implies that, a team comprises of individuals, workers or employees having complementary skills, knowledge and experience needed to execute a project or task successfully. Therefore, workers working as a team usually interact with the other team members and as a result, this enhances performance and strengthen the level of relationship they share.
Basically, when coworkers or employees working in an organization have mutual respect for one another, it would help to tighten or strengthen the bond that exists in the workplace and as such improving their feelings for each other.
This ultimately implies that, feelings cannot be hurt by mutually respecting coworkers.
June Tavia is trying to calculate the taxable equivalent yield for a municipal bond. If the bond she owns pays 5 percent interest and she is in the 31 percent tax bracket, what is the taxable-equivalent yield (round to nearest percent)
Taxable equivalent yield (TEY) is the yield that a taxable investment would have to earn in order to equal the after-tax yield of a tax-exempt investment, such as a municipal bond.
To calculate the taxable-equivalent yield for a municipal bond, we need to first calculate the tax-exempt yield. In this case, the bond pays 5 percent interest, which is the tax-exempt yield. Next, we need to calculate the yield that a taxable investment would have to earn to equal the after-tax yield of the tax-exempt bond. To do this, we take the tax-exempt yield and divide it by (1 minus the tax rate). In this case, June is in the 31 percent tax bracket, so we divide the tax-exempt yield (5 percent) by (1 - 0.31), which equals 0.69.
5 percent / (1 - 0.31) = 7.25 percent
Therefore, the taxable-equivalent yield for the municipal bond is 7.25 percent. This means that a taxable investment would need to earn 7.25 percent to provide the same after-tax return as the tax-exempt municipal bond. It is important to note that this calculation is a rough estimate, as it does not take into account other factors such as state and local taxes. Additionally, investors should consider their individual tax situations and consult a financial advisor before making investment decisions.
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Derby Phones is considering the introduction of a newmodel of headphones with the following price and cost characteristics. Sale price----$285 per unit, variable costs--140 per unit, and fixed costs 348,000 per month. What number must Derby sell to make an operating profit of $159,500 for the month
The units of headphones that must be sold to have an operating profit of $159,500 is 3497.
What is the units sold that would yield an operating profit of $159,500?
Operating profit is total profit that is earned from the daily business operations of a business. Operating profit is total revenue less fixed cost and variable cost.
How many units must be sold to have an operating profit of $159,500 = operating profit + fixed cost / (selling price - variable cost)
(159,000 + $348,000) / (285 - 140) = 3497
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A Nike Hoodie has a retail price of $99.00 and it costs the retailer $49.50. What is the mark-up
Percentage?
Answer:
100%
Explanation:
Mark-up is the difference between selling price and cost price
Selling price =$99.00
Cost price = $49.50
Mark up = $99- 49.50
=$49.50
As a percentage
= $49.50/$49.50 x 100
= 1 x 100
= 100%
Otto is examining whether paying for purchases in cash leads to less spending than paying for purchases with a credit card. his analyses reveal a statically significant difference between groups. in interpreting his results, he is likely to say that his study _____ that using cash for purchases leads to less spending.
He is likely to say that his study suggests that using cash for purchases leads to less spending, as the analyses revealed a statistically significant difference between the two groups.
This means that the difference in spending between the two groups was not due to chance, but instead was likely due to the different payment methods.
Cash, debit cards, and credit cards are the three methods of payment that are most frequently used in the market today. Although they typically entail greater purchase amounts than cash transactions, credit and debit card transactions do involve fees that businesses must pay to the card issuers.
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Which of the following is true about benefits plans ? Multiple Choice a) In contributory plans , the employee contributes total costs for some benefits . b) In non - contributory plans , the employer does not contribute to the total costs .c) In employee financed plans , the costs are shared between the employee and the employer .d) In general , organizations prefer to make benefits options non - contributory e) Companies have provided far fewer benefits for their part - time employees
The true statement about benefits plans among the given options is: c) In employee financed plans, the costs are shared between the employee and the employer.
In employee financed plans, both the employee and the employer contribute to the costs of the benefits. The financial responsibility is shared between the two parties, with each contributing a portion towards the total costs. This arrangement allows for a balanced sharing of the expenses and ensures that both the employee and the employer have a stake in providing and maintaining the benefits. Option a) is incorrect because in contributory plans, the employee typically contributes a portion, not the total costs, for some benefits. Option b) is incorrect as non-contributory plans refer to those in which the employer covers the total costs without the employee's contribution. Option d) is incorrect because whether organizations prefer non-contributory or contributory plans depends on various factors, such as budget constraints and competitive practices. Option e) is also incorrect as the statement is too broad and not supported by the information provided. The extent of benefits provided to part-time employees can vary among companies.
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What models the interactions between key players in the economy
crest is one firm of many in the market for toothpaste, which is in long-run equilibrium. indicate which of the following graphs accurately reflects crest demand curve, marginal-revenue (mr) curve, average-total-cost (atc) curve, and marginal-cost (mc) curve.
crest is one firm of many in the market for toothpaste, which is in long-run equilibrium than Our job is to create a diagram that displays the demand curve, marginal revenue curve, average total cost curve, and marginal cost curve for Sparkle.
The output of Sparkle that maximizes profits is the dot M where MR=MC and price=AC.
What do you mean by equilibrium?a situation where there is equilibrium between opposing forces or actions, which can be static (such as when forces are applied to a body and the resultant is zero) or dynamic (such as during a reversible chemical reaction when the velocities in both directions are equal) an emotional or intellectual condition of equilibrium.
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