PRODUCT POSSIBILITIES QUESTION 20 point
a company produces two products, x and y. All of the points represent possible product output EXCEPT
a. point a
b. point b
c. point c
d. point d
The amount of a product that people are willing and able to purchase at a specific price is referred to as the:
The quantity of a product that people would like to buy at a given price is called Demand.
How is demand denoted?Demand is the quantity of a good that people in the market would like to buy at a certain price.
A demand curve would therefore be drawn based on the quantity of goods in the market, and the prices those goods are offered at. Lower prices will see higher quantity demand.
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A teacher who counts the number of times a student raises her hand is using what type of recording system?
The type of recording system that the teacher is using in counting the times that the student had raised their hands in his or her class is the event recording, this type of recording system is a way of having to document the behavior whenever the behavior has happened or it has been triggered.
________ marketing is the marketing of goods and services from one organization to another.
Which president had a dog famed for his loyalty who reportedly howled for the three days prior to that president’s death? paperboys gathered 19,134 pennies to pay for a statue of the dog which now is owned by the smithsonian?
The burial of porky logan is considered the turning point of randy’s character, if not the novel as a whole. why might this be the case?
When considering the impact of individual consumption levels on a country's economic health, which segment of the population is the most important contributor?
A
The lower class, because there are so many of them
B
The upper class, because they consume higher-priced goods.
C
The upper class, because they pay the most taxes
D
The middle class, because they consume the most
E
All classes contribute equally to a country's economic health
Which generational age group is now forming brand relationships and represent tomorrow's markets?
Tutors for students (tfi) is an organization with the purpose of offering free tutoring to older students. tfi does not expect to earn any money through its operations. therefore, tfi is an example of a ____ organization.
George owns an international grocery store in new jersey, the global food bazaar. he has benefited highly from the trading bloc that allows him to purchase food products from central american nations at a nice discount. with many of his customers from costa rica, the dominican republic and guatemala, he is particularly grateful for ______, a trading bloc.
True or false: the market for digital cable does not exhibit the two primary characteristics that define perfectly competitive markets.
Final answer:
The digital cable market does not display the characteristics of a perfectly competitive market; instead, it is a form of monopolistic competition, which lacks productive and allocative efficiency.
Explanation:
True, the market for digital cable does not exhibit the two primary characteristics that define perfectly competitive markets, which are a large number of small firms and identical products. Instead, the digital cable market, much like others, lies somewhere between the two extremes of perfect competition and monopoly. In monopolistic competition, firms have some control over their pricing due to product differentiation, which does not occur in perfect competition.
This lack of perfect competition leads to a situation where the digital cable market does not show productive or allocative efficiency either in the short run, where firms might make profits or losses or in the long run, where firms tend to earn zero economic profits. The market structure thus operates under different rules compared to a perfectly competitive market or a monopoly. Market forces like supply and demand do not necessarily operate in the same fashion as they would in perfectly competitive markets.
In february, paula, the manager of a landscaping company, is looking at the upcoming need for more workers to handle the increased customers in spring and summer. which of the four key management processes is she using?
If a company purchases plastic that they will melt and form into milk jugs that they will then sell to milk plants, the cost of the plastic will be categorized as what type of expense?
2. Which of the following is not one of the ways companies can achieve efficiency?
Efficiency in companies can be achieved through streamlining processes, utilizing technology, and effective resource allocation. Outsourcing is not directly related to achieving operational efficiency.
Explanation:Efficiency is a key goal for companies to maximize their productivity and reduce wastage. Three common ways that companies can achieve efficiency are:
Streamlining processes: This involves eliminating unnecessary steps or redundancies in workflows to improve overall efficiency. For example, automating manual tasks or implementing digital tools.Utilizing technology: Companies can leverage technology solutions such as software applications or data analytics to optimize operations and make informed decisions.Effective resource allocation: Proper allocation of resources like time, money, and manpower is crucial for efficient operations. This can involve prioritizing important tasks, managing budgets, and optimizing workforce scheduling.Outsourcing is not one of the ways companies can achieve efficiency. Although outsourcing certain functions can help companies focus on core activities, it is not directly related to achieving operational efficiency.
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Final answer:
Companies can achieve efficiency through optimizing production, staff training, and investing in technology. Increasing product prices is not a method for efficiency in a perfectly competitive market, as it does not reduce costs or increase productivity.
Explanation:
Companies have numerous strategies for achieving efficiency, which involves maximizing output while minimizing costs. One common method is optimizing production processes to reduce waste and increase speed.
Another way is through staff training, which ensures employees are skilled and knowledgeable, leading to better performance and fewer mistakes. Investing in technology can also streamline operations and automate repetitive tasks, allowing human workers to focus on more complex issues that require creativity and problem-solving.
However, simply increasing the price of products is not a method to achieve efficiency. In a perfectly competitive market, a firm that tries to increase its prices above the market rate would lose customers to competitors offering similar products at the standard rate, thus not contributing to efficiency but rather decreasing the firm's competitiveness.
Customers' names, numbers, and addresses are an example of the ________ component of an information system.
Final answer:
Customers' names, numbers, and addresses are examples of the data component in an information system, which is often stored and managed within a database.
Explanation:
Customers' names, numbers, and addresses are an example of the data component of an information system. An information system often includes a database, which stores this data in a structured way, allowing it to be processed automatically. Data like customer names, telephone numbers, and addresses can represent key attributes within a database record. In the world of business and technology, this data is also valuable for operations such as geocoding, targeted marketing, optimizing inventory systems, and market analysis. Businesses that collect and organize this data can leverage it for strategic reasons, such as understanding customer demographics or buying habits and improving the efficiency of just-in-time inventory systems.
Which type of account typically has very high liquidity, low or no interest, and low minimum balance?
evan, a manager, strongly believes in the concept of power sharing. therefore, evan is most likely to _____.
Final answer:
Evan is likely to create an empowered environment by sharing power and responsibilities among team members, supporting a decentralized decision-making process that allows for more accurate outcomes.
Explanation:
Evan, a manager who strongly believes in the concept of power sharing, is most likely to instill a climate of empowerment within his team. This approach to leadership includes a belief in the ability of employees to make the most accurate decisions when they are equipped with the relevant facts and resources. Rather than taking over, Evan would divvy up responsibilities among group members, ensuring that decision-making power is distributed and not concentrated in the hands of a few. This type of empowerment supports team members in moving toward the success and completion of their tasks by tapping into various types of power. By doing so, Evan endorses the idea that a decentralized approach to decision-making and leadership can be more effective.
business-to-business marketers will sometimes promote their goods directly to consumers. this is because business demand is __________.
List and describe three of the characteristics of information that must be protected by information security?
When customers don't know what they want or don't even know what's possible, the most effective marketing strategy is ________ marketing?
It is logical to conclude that water can dissolve lemonade powder because the mix is
Answer:
It is logical to conclude that water can dissolve lemonade powder because the mix is polar.
Explanation:
Water is known as a universal solvent, but it can only completely dissolve polar substances. This is because water is able to form covalent bonds with the molecules of a polar substance, this allows a solubility to be established, where water is able to completely dissolve the substance. With that, it is logical to conclude that water can dissolve the lemonade powder because the mixture is polar.
What is it about engineering that is common to all disciplines of engineering? that is, what makes an engineer an engineer regardless of the work one does?
Rade and talion are competitors in the business of manufacturing wrist watches. while rade promises to deliver design and quality to its customers, talion promises to deliver durability and cost effectiveness. when both these companies deliver their respective promised qualities, they are delivering ________.
What is the purpose of a letter-writing campaign conducted by a group of consumers?
To be able to get a company to voluntarily change its business practices a group of consumer should conduct a letter writing campaign. Through this advocacy tool, the citizens will have an easy way to voice opinions about certain issues.
Order takers at a fast food restaurant ask every customer whether he or she would like to “supersize” their drink or meal. this strategy is an example of
Shot putting and swimming are examples of what kind of competitive activity?
The us of independent channel members in a channel of distribution allows manufacturers to ____
Taylor has four times more money then edrick. when taylor gave $3.00 to edrick, they had equal amounts of money. how much money did taylor and edrick have?
What is the purpose of the rm step, develop controls and make risk decisions?
Given that the interest rate is 10%, the factor for the future value of annuity due of 1 for n = 5, i = 10% is equal to: