What are the advantages and disadvantages of market exchanges?
What will be an ideal response?
Market exchanges offer buyers and sellers a lot of flexibility. Buyers and sellers are not locked into a continuing relationship, and thus buyers can switch from one supplier to another to make the best possible deal. However, these minimal relationships do not work well when buyers and sellers have an opportunity to increase the size of the pie by developing products and services tailored to their needs. These more complex transactions cannot be conducted solely on the basis of price. High levels of trust and commitment are needed to manage these types of relationships because buyers and sellers need to share sensitive information.
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_____________ assumes we take into account every single criterion or possible alternative to make a decision.
a. Complete rationality b. Essential rationality c. Instrumental rationality d. Bounded rationality
Sam, the chief executive officer of Boch Industries, was prosecuted for violating the Resource Conservation and Recovery Act. Which of the following is correct concerning the penalties?
a. Sam cannot be criminally prosecuted for violating this statue. b. Sam faces criminal fines as well as imprisonment. c. Sam faces only criminal fines. d. The only remedy Sam faces is an injunction to prevent further violations.
Discuss the tenant's and the landlord's basic duties under a landlord-tenant relationship
South State, Inc used $153,000 of direct materials and incurred $63,000 of direct labor costs during the year
Indirect labor amounted to $270,000, while indirect materials used totaled $53,000. Other operating costs pertaining to the factory included utilities of $135,500; maintenance of $70,260; repairs of $53,400; depreciation of $133,000; and property taxes of $74,640. There was no beginning or ending finished goods inventory, but Work-in-Process inventory began the year with a $5,000 balance and ended the year with a $7,400 balance. How much is the cost of goods manufactured? A) $12,400 B) $1,003,400 C) $1,010,800 D) $1,005,800