The Taft-Hartley Act, the Landrum-Griffin Act, and the Wagner Act are all key labor relations acts in the United States that are considered to be the most pro-management.
What is National Labor Relations Act?Congress approved the National Labor Relations Act ("NLRA") in 1935, making it clear that the United States objective is to foster collective bargaining by safeguarding employees' complete freedom of organization. The National Labor Relations Act (NLRA) safeguards workplace democracy by granting employees in the private sector the fundamental freedom to seek improved working conditions and designation of representation without fear of punishment.
The Taft-Hartley Act- The Taft-Hartley Act, often known as the Labor Management Relations Act of 1947, is a United States federal legislation that restricts labor unions' operations and power. The 80th United States Congress passed it over President Harry S. Truman's veto. The Landrum-Griffin Act- The Landrum-Griffin Act safeguarded employees' union membership rights against unfair union activities, and the National Labor Relations Act safeguarded employee rights against unreasonable employer or union practices.The Wagner Act - Section 7 of the Wagner Act granted employees the freedom to establish and join unions, and it required employers to bargain collectively with unions chosen by a majority of employees in an authorized bargaining unit.To know more about Labour Act, click
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using a perpetual inventory system, the effect on the accounting equation of purchasing merchandise on account includes a(n) . (check all that apply.) multiple select question. increase in assets increase in liabilities decrease in stockholders' equity decrease in assets
Using a perpetual inventory system, the effect on the accounting equation of purchasing merchandise on account includes
a. increase in liabilitiesc. increase in assetsWhat is a Perpetual Inventory System?This refers to the system that is used in order to make continuous accounting of inventory with the use of electronic means.
Hence, we can see that based on the given question, there is the question on the effect on the accounting equation of purchasing merchandise when a perpetual inventory system is used and the answers are that there would be increases in both the liabilities and assets.
The answers are options A and C.
With this in mind, it can he seen that the correct answer to the given question about the use of a perpetual inventory system is given above
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the accountants hired by forever fitness have determined total fixed cost to be $75,000, total variable cost to be $130,000, and total revenue to be $125,000. because of this information, in the short run, forever fitness should
In the short run, forever fitness should shut down because staying open would be more expensive.
Why should a firm shut down?A firm should shut down in the short run, if its total variable cost is greater than its total revenue. In the long run, a firm should exit the market, if its fixed cost is greater than its total revenue.
The short run is the period where all of the factors of production are fixed. Variable cost is the cost that varies with the level of output. Fixed cost is the cost that remains constant regardless of the level of output.
In this question, the total variable cost is greater than the total revenue, thus in the short run, the firm should shut down because it is to expensive to run the business in the short run.
Here are the options:
a. stay open because shutting down would be more expensive.
b. shut down because staying open would be more expensive.
c. lower their prices to increase their profits.
d. stay open because the firm is making an economic profit.
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________ occurs when the supplier, rather than the retailer, manages the entire inventory process for a particular product or group of products, resulting in more effective inventory replenishment.
VMI(Vendor Managed Inventory) occurs when the supplier, rather than the retailer, manages the entire inventory process for a particular product or group of products, resulting in more effective inventory replenishment.
What is Vendor Managed Inventory?Vendor-managed inventory (VMI) is an inventory management technique in which a product's manufacturer or other supplier is in charge of making the best use of a distributor's inventory.
In conventional inventory management, a retailer (also known as a distributor or a buyer) is in charge of determining the order size. With VMI, the vendor—sometimes referred to as the supplier—receives the retailer's inventory data and uses it to make the order size decision. As a result, the vendor is liable for the retailer's ordering costs, while the retailer is accountable for their own holding costs. This approach can prevent stocking unnecessary inventory, which can lower costs overall.
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after many years of relative stability in marketing research methods, the industry is undergoing great change due to: new uses of traditional research tools. expanded focus on qualitative methods. reluctance of clients to adopt new research methods. new sources of data and technology.
The industry is undergoing great change due to new data and technology sources.
New data sources can boost operational effectiveness. Interactions with consumers and their insightful feedback enable the firm to gather a wealth of priceless customer data. Analytics can then uncover significant trends in the data to produce products that are unique to the customer. The data tools can automate repetitive processes and tasks to provide employees more time to work on activities demanding cognitive skills.
More information is now available than ever on customers, their habits, and their preferences thanks to the development of the internet, smartphones, and data collection methods. These behavioural data sources are utilized and their worth is unlocked by tech-driven market research. Now, businesses can get around the fundamental problems with market research thanks to the mix of new data sources and data science methodologies in tech-driven market research.
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roadbuilders, inc., uses dynamite in its operations. sky-hi fireworx, inc., stores explosives in its warehouses. most likely liable under the doctrine of strict liability for any injury caused by an abnormally dangerous activity will be
Most likely liable under the doctrine of strict liability for any injury caused by an abnormally dangerous activity will be Roadbuilders and Sky-Hi.
What is Strict liability ?Strict liability states that even if the defendant takes great precautions, she is nonetheless responsible if her actions caused the harm. Extremely dangerous behavior. Almost always, the defendant who engages in these actions is responsible for any damage that results. Negligence defenses. -Contributory.Strict liability in tort law is imposed on people who engage in unusually dangerous activities, those who own dangerous animals, and those who sell or introduce into commerce things that are disproportionately dangerous when they are defective.Injury to trespassers, invitees, and licensees is subject to strict liability.Most likely liable under the doctrine of strict liability for any injury caused by an abnormally dangerous activity will be Roadbuilders and Sky-Hi.
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What is mobile banking
Answer:
Mobile banking is the act of making financial transactions on a mobile device.
Explanation:
This activity can be as simple as a bank sending fraud or usage activity to a client's cell phone or as complex as a client paying bills or sending money abroad.
assuming sales prices and cost behavior remain unchanged, when variable costing is used, when does net income change in response to changes in unit sales?
All of the above is the correct response i.e., option (d) when variable costing is implied.
What is cost behaviour ?The system by which expenses respond to changes in activity levels is known as cost behaviour. Management uses it to predict whether costs will respond favourably or not. Understanding is crucial for performing cost-volume-profit analyses and creating budgets.
If the cost and sales prices remain constant, the net income will fluctuate:
The number of units produced affects the variable cost of production, and if more units are sold than are produced, more money is made.Net income will decline if the amount of goods and services produced is less than the amount of goods and services sold. This occurs as a result of a discrepancy between production and sales costs.An increase in net income will occur from an equal number of units produced and sold. Due to the sales price including a profit margin, the income will rise.To know more about, net income, visit :
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The complete question is mentioned below :
Assuming sales prices and cost behavior remain unchanged, when variable costing is used, when does net income change in response to changes in unit sales?
a. when the number of units sold exceeds the number of units produced
b. when the number of units produced exceeds the number of units sold
c. when the number of units sold exactly equals the number of units produced
d. all of the above
once karen and anika identify the fixed and variable costs of their business, they must then determine the number of service sales they need to make in order to produce a profit. they would do this by
Once Karen and Anika identify the fixed and variable costs of their business, they must then determine the number of service sales they need to make in order to produce a profit. They would do this by conducting a break-even analysis.
A company is defined as an organization or company engaged in commercial, industrial, or professional activity. A company can be either a commercial entity or a non-profit entity. Company types range from limited liability companies to sole proprietors, corporations, and partnerships. The purpose of a business is to provide value (through products and/or services) to customers who pay cash or equivalent. The money received should at least cover the costs of running the business and cover the living needs of the owner.
Business plays an important role in our lives. First, they produce goods and services that meet our needs and desires. It also recruits households as a labor force and provides rewards such as wages, salaries, and benefits. Therefore, it becomes a source of income that they can use to sustain their livelihoods.
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which of the following is true of conventional distribution channels? channel members have complete control over each other. channel members seek to maximize their own profits. channel conflict is governed by formal mechanisms. channel members are assigned roles according to a clearly defined framework. channel members work exclusively for the good of the organization.
The truth that we have here about the conventional distribution channels is that Channel members seek to maximize their own profits.
What is meant by the conventional distribution channels?This is the term that is used to refer to the chain of distribution that we are used to as the most common way of distribution.
That is, this is the chain that has to do with the producers, the wholesales, the retailers and all that would make up the distribution process in all of the ways that they are able to act independently.
It has to do with the way that goods would have to move from the producer to the retailers then to the consumers.
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which of the following is not a factor specified in u.s. copyright law for determining fair use? the amount and significance of the portion used the effect on the market for the copyrighted work the for-profit or non-profit status of the copyright holder the purpose and nature of the use
The for-profit or non-profit status of the copyright holder is not a factor that is specified in the US copyright law for determining fair use.
What is copyright?Copyright is described as a means of protecting intellectual property. It is important to mention that the original author of intellectual property only has the right to the work.
Under the US copyright law, the nature and the purpose of the users take more prominence. If the copyrighted material is used only for educational purposes and not for profit, then such usage is allowed by copyright law. However, if the usage is for profit, then such usage is not allowed or permitted by law.
It can be concluded that the for-profit or non-profit status of the copyright holder is not a factor that is specified in the US copyright law for determining fair use.
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after test driving three different cars, you have decided to buy a honda. now you must find a honda dealer within reasonable distance of your home, and preferably one with a full-service department. you are in which stage of the consumer decision process?
I am in purchase decision and purchase act stage of consumer decision process.
Five fundamental steps make up the consumer decision-making process. Consumers use this method to assess whether to make a purchase. The five processes include problem identification, information search, examination of alternative options, purchase choice, and post-purchase analysis.
5 steps in the decision-making process for consumers
Identifying the issue: acknowledges the need for a good or serviceSearch for information: collects information Alternatives assessment: compares options and weighs the pros and cons of eachMaking a purchase: really buys anythingEvaluation following purchase: considers the acquisition they madeAlthough the decision-making process for consumers can appear mysterious, all buyers follow the same fundamental processes to decide which goods and services will best suit their needs.
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it is found that a test designed to measure management ability is a very good predictor of how well an individual will function as a manager. this test is said to be
Valid test refers to how directly a system measures what it's intended to measure. However, that means it produces results that correspond to real parcels, characteristics, If exploration has high validity.
What Test validity ?Validity is the most important issue in opting a test. Validity refers to what characteristic the test measures and how well the test measures that characteristic.
Validity tells you if the characteristic being measured by a test is related to job qualifications and conditions.
Validity gives meaning to the test scores. Validity substantiation indicates that there's relation between test performance and job-performance
Validity also describes the degree to which you can make specific conclusions or prognostications about people grounded on their test scores
a valid test can be conducted on basis of:
Validity substantiation
Job similarity
Fairness substantiation
Other significant variables
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it is easier to boost aggregate demand when mpc is high. however, when aggregate demand needs to be boosted, such as during a severe recession, mpc is likely to be lower than during periods of normal economic growth. why is this likely to be the case?
Due to decrease in the economic activities, recession may lead to fall in GDP and unemployment, thus lowering the Marginal Propensity to Consume.
The percentage of an overall salary increase that a customer spends on purchasing goods and services rather than saving is known as the marginal propensity to consume (MPC) in economics. Keynesian macroeconomic theory includes a concept known as marginal propensity to consume, which is determined as the change in consumption divided by the change in income.
Thus during recession, marginal propensity to consume is likely to be lower.
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shimray is convinced that he can predict a job applicant's future performance better through a 5-minute meeting than through evaluating pre-employment test scores or reference checks. what basis is shimray using to make hiring decisions?
Shimray is convinced that he can predict a job applicant's future performance better through a 5-minute meeting than through evaluating pre-employment test scores or reference checks. Shimray is using intuition as a basis of making his hiring decisions.
Pre-employment screening involves gathering all of the information required to make an amazing rent. This includes figuring out applicants that meet predetermined job qualifications and verifying the statistics they offer. The pre-employment screening manner spans from application evaluation to the very last hiring selection.
A pre-screening interview, or pre-employment screening, is a series of questions that lets you learn some fundamental qualification statistics approximately candidates, prior to conducting a greater substantial interview.
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when a firm sells all its products under one , such as pepperidge farm, the individual brands benefit from the overall brand awareness associated with it. multiple choice question. exclusive co-brand family brand premium brand individual brand
When a business sells all of its goods under a single-family brand, like pepperidge farm, the individual brands profit from the increased brand recognition.
A family brand is what?
A marketing strategy is family branding. It entails marketing a variety of products under a single brand name. For instance, a business might promote soap, lotion, hair shampoo, and nail polish under the same brand. This is distinct from product branding, which entails giving each product a unique name and image.
For instance, a business might sell both nail polish and lipstick, giving each line of products a unique marketing identity. According to the theory behind family branding, a business can increase the profitability and marketability of a variety of products by giving them all a single, recognizable name. Then, a business can increase customer loyalty by increasing brand recognition.
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ceo, jack yates oversees the operations of johnson company, a public corporation with 1,200 employees. yates reports to the company's board of directors. who ultimately owns johnson company?
The Board of directors ultimately owns Johnson company.
This is because a board of directors (BoD) is the governing body of a company, elected by shareholders, who then further appoints the managers etc. for the company.
What is relationship between Board of Director and CEO?
Both board of directors (BoD) and CEOs make important and high level decisions.
Even a strong CEO cannot genuinely succeed alone. Having a positive relationship with the board is crucial because CEOs receive guidance from the board and provide feedback. Although board of directors (BoD) members are busy, it might be worthwhile to meet candidates for the position of CEO.
The CEO of a firm is in charge and has the final say when it comes to management decisions. Nevertheless, the board of directors(BoD), which stands in for the owners and stockholders, is the CEO's superior. The board of directors (BoD) manages the business and sets long-term objectives. It has the authority to oust the CEO and choose a successor.
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because of their reputations and acknowledged expertise, competent firms usually do not voluntarily provide written and detailed explanations of the procedures and methods used in collecting the information cited in the report. true false
The answer will be False
You are required to keep confidential all information regarding the affairs of your client that you learn during the course of the retainer. This obligation survives the end of the retainer.
As well, these confidentiality obligations are imputed to other members of your firm. The Supreme Court of Canada has held that it is not only the individual lawyer but also the firm as a whole that owes the fiduciary duty of confidentiality to the client.29
Neither you nor the lawyers in your firm may use confidential information against a former client of the firm. Lawyer moves to a new firm – When a lawyer changes law firms, the lawyer will be assumed to be sharing confidential information about past clients with members of the new firm unless adequate screening measures are in place to show that confidential information is not being disclosed.
Confidentiality requirements are the reason law firms create complex conflicts of interest machinery.
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oligopoly is a market structure characterized by: a regulated natural monopolies. b independence in decision making. c strategic behavior between rival firms. d a large number of small firms. e substantial diseconomies of scale.
Oligopoly is a market structure characterized by: C. strategic behavior between rival firms.
What is an oligopoly?An oligopoly can be defined as a type of market structure which comprises a small number of business firms or sellers that are offering identical or similar products to their consumers, in such a way that none of them can limit the significant influence of the other.
The characteristics of oligopoly.Generally, an oligopoly is a market structure that is distinguished by several characteristics and these include the following:
Mutual interdependence between business firms. The market is controlled by many small business firms.Strategic behavior between competitors (rival firms).Difficult entry to new business firms.Substantial economies of scale.Dependence in decision making.In this context, we can reasonably infer and logically deduce that business organizations or sellers that are operating in an oligopoly are characterized by making strategic behavior between competitors (rival firms).
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according to the vals framework, why different consumer groups exhibit different behaviors or why different consumer groups exhibit the same behaviors for different reasons is based on
The reasons why different consumer groups exhibit different behaviors based on the vals framework is motivations and resources. The motivations from each customer can make different behavior.
VALS framework can be defined as a proprietary research methodology used for psychographic market segmentation. To guide some companies in tailoring their services and product in order to appeal to the people most likely to purchase them, it is need to make a market segmentation.Vals framework is based on two factors, first is primary motivation that including ideals, achievement, and self-expression and the second is resources that including energy, self-confidence, intellectualism, novelty seeking, innovativeness, impulsiveness, leadership, and vanity.
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there are four common variations of person-administered/computer-assisted interviews: the in-home interview, the mall-intercept interview, the in-office interview, and the telephone interview. true false
True. Four common variations of person-administered/computer-assisted interviews are :
The in-home interview,
The mall-intercept interview,
The in-office interview, and
The telephone interview.
What is computer assisted interviews?
Computer- supported particular interviewing ( CAPI) is an canvassing fashion in which the replier or interview uses an electronic device to answer the questions. It's analogous to computer- supported telephone interview , except that the interview takes place in person rather of over the telephone.
What's a computer administered check?Computer- administered checks are an illustration of an information technology that agents, specialists, and other Extension preceptors could use to gather data presently collected using posted questionnaires. Electronic checks can be used to reveal the geste of people who use computers as a communication mode.
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there are several close substitutes for bayer aspirin but fewer substitutes for a complete medical examination. therefore, you would expect the demand for:
Therefore, we would expect Bayer's demand for aspirin to be more price elastic. It is because price elasticity of demand is the responsiveness of quantity demand.
Demand is the amount of goods and services that consumers are willing and able to buy to meet their needs at various price levels and at certain times in the market. Usually, the high demand will affect the price. Conversely, low demand will also make prices lower. The law of demand is a law that explains the existence of a negative relationship between the price level and the quantity of goods demanded. If the price increases, the quantity demanded will decrease, and if the price is low, the quantity demanded will increase. The law of demand is not absolute but has absolute properties under conditions of ceteris paribus (other factors are considered constant).
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has three different insurance policies. he has been injured in an accident and has incurred $30,000 in medical bills. there is a provision in all of his insurance contracts that ensures the total benefits he receives from all sources is limited to 100 percent of allowable medical expenses. what is this provision called?
This provision is called the coordination of benefits provision.
What is provision?
A provision is an account in financial accounting that records an entity's present liability under the International Financial Reporting Standards (IFRS). The liability recorded on the balance sheet is matched to an appropriate expense account on the income statement. A provision is an expense under US Generally Accepted Accounting Standards (US GAAP). Thus, "Provision for Income Taxes" is a liability in IFRS but an expense in US GAAP. the provision or supply of something, particularly food or other essentials Prior arrangement or preparation, such as for doing something, meeting needs, providing means, etc.
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stephanie's bridal shoppe sells wedding dresses. the average selling price of each dress is $1,000, variable costs are $400, and fixed costs are $90,000. how many dresses must the bridal shoppe sell to yield after-tax net income of $18,000, assuming the tax rate is 40%?
For the purpose of establishing production budgets or predicting sales, a corporation may use CVP analysis (Cost-Volume-Profit) to examine the data it has. The target profit analysis enables a business to ascertain what production levels are required at a specific sales price to achieve a specific rate of return.
The target after-tax net income is $19,000, which is equal to 60% of the pre-tax net income (100% - 40%). The target profit is determined by dividing the net income after taxes.
19 000 /0.6 = 31 ,666.67
We use the following as our target profit and utilize the formula for target profit:
Target Sales = Target Profit + Fixed Cost / Contribution Margin.
31 , 666.67 + 110 , 000 /1 , 000 − 400 = 237
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marc has been told to create a way for his company to achieve maximum exposure to its customers at the lowest possible cost. marc worked on the project for a while, doing research and looking at what other companies had done. then he put the project on the back of his desk for a couple of days while dealt with some routine paperwork. which period of the creative process is marc experiencing?
Incubation is the period of the creative process is marc experiencing
A workspace called a business incubator was developed to provide startups and emerging businesses with access to the tools they require all under one roof. The incubation process enables company owners to protect their cash and obtain outside assistance to hasten the growth of their enterprises. The Enterprise Center recognizes each entrepreneur's individuality via company incubation and provides assistance and specialized services to enhance each business' potential. An incubator is a business that helps entrepreneurs grow and succeed faster by providing them with resources, services, and networking opportunities. They are crucial in supporting startups and entrepreneurs.
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When reconciling petty cash, you determine that the total withdrawals according the petty cash slips is $169.00. Since the fund started with $200.00, there should be $31.00 remaining in the petty cash box. When the cash is counted, there is $31.00. How is this entered in the journal? Will mark brailiest
A. Since the difference between the established amount and the total cash and withdrawals is zero, each account the disbursements are charged to is debited to total $31.00 and the Cash account is credited $31.00 to replenish the fund. No entry is needed in the Cash Over and Short account.
B. Since the difference between the established amount and the total cash and withdrawals is zero, each account the disbursements are charged to is debited to total $169.00 and the Cash account is credited $169.00 to replenish the fund. No entry is needed in the Cash Over and Short account.
C. Since the difference between the established amount and the total cash and withdrawals is zero, each account the disbursements are charged to is debited to total $169.00 and the Cash account is credited $31.00 to replenish the fund. No entry is needed in the Cash Over and Short account.
D. Since the difference between the established amount and the total cash and withdrawals is zero, each account the disbursements are charged to is debited to total $169.00 and the Cash account is credited $200.00 to replenish the fund. No entry is needed in the Cash Over and Short account.
This transaction is entered in the journal according to Option B:
Since the difference between the established amount and the total cash and withdrawals is zero, each account of the disbursements is charged to Petty Cash. The Petty Cash is debited to a total of $169.00, and the Cash account is credited $169.00 to replenish the fund.No entry is needed in the Cash Over and Short account.What is a petty cash book?A petty cash book is an accounting record for petty cash expenses.
The petty cash book operates on the imprest system, involving the refund of the total cash spent during the period after the physical count of cash in hand.
Total of Petty Cash slips = $169.00
Imprest = $200.00
Petty cash balance = $31.00 ($200.00 - $169.00)
Float = $169 ($200.00 - $31.00)
Thus, the correct journal entry for the petty cash transaction is Option B.
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a written contract to sell timber rights is performed by both parties. six months later, the seller has second thoughts and wants to reclaim the rights under regulation z. what is the likelihood that the seller will succeed?
Any agreement reached by two parties, whether in writing or verbally, may be upheld in court. A signed document is crucial because it demonstrates that both parties agreed to the same terms and serves as evidence that an agreement actually exists.
Both parties adhere to the terms of a documented agreement to sell timber rights. The seller changes their mind after six months and wishes to retrieve the rights under Regulation Z. How likely is it that the seller will be successful?
Solution: If the seller feels he was taken advantage of, slightly.
A real estate contract must include a legal purpose, legally capable parties, agreement by offer and acceptance, consideration, and consent in order to be deemed valid.
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Answer Slight, if the the seller feels like he was taken advantage of.
Good, because Regulation Z requires the contract be in writing.
Nonexistent, since this contract has nothing to do with a violation or, or compliance with, Regulation Z.
Excellent, because landowners are not allowed to sell timber rights under Regulation Z.:
a
Explanation:
a large grocery store chain insists that its suppliers stop packaging their bagels in plastic wrap, and they comply. this is an example of blank . multiple choice question. direct store delivery marketing through a fulfillment center power within a marketing channel a short supply chain
This is an example of Power within a marketing channel
Generally, channel power is associated with the special ability/power of a channel that allows them to alter or modify the behavior of the distribution channels because of its stronghold or position in the market. This gives them the power to control the channel.
If a large grocery store chain insists its suppliers stop packaging the bagels in plastic wrap and follow the instructions this is due to the power that the grocery store holds in the market which allows it to get a stronghold in the marketing channel.
Hence, this is an example of reflecting the power within a marketing channel.
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marty, the human resources manager of a reputed service firm, establishes some rules for timekeeping to promote punctuality among his employees. this scenario best illustrates the use of . multiple choice question.
This scenario best illustrates the use of chronemics.
What do we understand by chronemics?The use of time in nonverbal communication is investigated in the field of chronemics. Interpersonal interactions, patience, and punctuality are all components of time perception. The way we use our time can have an impact on our daily routines, speech and movement rates, as well as how long we are willing to listen.
Why is chronology utilised in organizations?Chronemics is a potent communication tool that aids in reaching the planned goals through time management, planning, and utilization. This includes being on time, making good use of waiting time, and speaking at the right rate.
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assume that a market is in equilibrium. if the demand curve shifts to the right and a new equilibrium is reached: multiple choice consumer surplus may increase or decrease. producer surplus will decrease. producer surplus will increase. none of these options are correct. total surplus will decrease
Market failure occurs when there is a misalignment between the desired outcomes of market participants and the results of a free market. Market equilibrium occurs when supply and demand are balanced, there is no tendency for the price to change, and the quantity exchanged is the equilibrium quantity.
What is Market equilibrium?
Equilibrium is the situation in which marketplace demand and supply balance each other, resulting in stable pricing. In general, an oversupply of services or goods causes prices to fall, resulting in increased demand, whereas an undersupply or shortage leads prices to rise, resulting in decreased demand. The balancing impact of supply side results in an equilibrium condition. The market equilibrium is the point at which the supply of commodities equals the demand for them. When a key index experiences a phase of consolidation or sideways motion, the forces of demand and supply are said to be relatively equal and the market is said to be in a condition of equilibrium. Prices, according to economists, tend to fluctuate about the equilibrium levels.
If the price is below the equilibrium price, we know that quantity demanded will be greater than quantity supplied. If the price is above the equilibrium price, we know that quantity demanded will be less than quantity supplied. The equilibrium quantity is the quantity at which the quantity demanded equals the quantity supplied. The equilibrium price is the price at which the quantity demanded equals the quantity supplied.
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the price system: end of chapter problem circa 1200 bce, a decreasing supply of tin due to wars and the breakdown of trade led to a drastic increase in the price of bronze in the middle east and greece. around this time, blacksmiths developed iron- and steel-making techniques. a. how is the increasing price of bronze a signal? because it clears the market, where both consumers and producers are satisfied because it tells producers and consumers that bronze is getting harder to produce and needs to be conserved because it provides a prediction about the future, including when wars will start and end b. how is the increasing price an incentive? because it clears the market and both sellers and buyers are satisfied because it discourages people about the future of the economy because it rewards people who make bronze less scarce c. how do your answers in questions a and b help explain why iron and steel became more common around the same time as the increase in price? an increase in the price of bronze innovation to produce substitutes such as iron and steel. d. after the development of iron, did the supply or demand for bronze shift? the demand for bronze shifted to the right because of the availability of iron and steel. the demand for bronze shifted to the left because of the availability of iron and steel. the supply for bronze shifted to the right because of higher incentives to produce it.
Due to conflicts and the collapse of trade, there was a sharp increase in the cost of bronze in the Middle East and Greece. Around this period, blacksmiths created processes for producing iron and steel. It informs individuals that bronze is becoming more difficult to locate.
The quantity of a product that a seller is willing to offer in the market at a specific price within a specific time is known as supply, which is an economic principle. A product's supply is influenced by a number of factors, including its price, production costs, governmental regulations, and technology.
It is controlled by the law of supply, which maintains that there is a direct correlation between a product's supply and price, with other variables being the same. From one site to the next, different volumes are given at different prices.
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