Considering Michael Porter's five factors that determine the nature and degree of competition in an industry, we can say that the fast-food hamburger industry is characterized by
A. intense rivalry.
B. strong suppliers.
C. strong buyers.
D. ease of entry into the industry.
Answer: A
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Which of the following statements about economic needs is true?
A. Economic needs are unimportant to most consumers. B. Economic needs are rarely considered during times of economic recession. C. Economic needs refer to the buyer's need to behave in an economically rational manner and buy the lowest priced item available. D. Economic needs refer to the buyer's need to purchase the most satisfying product for the money. E. A product priced higher than the competition's is doomed to failure because it satisfies no economic need.
Which of the following costing methods combines the cost of units in beginning inventory with the current period costs to determine the unit production cost?
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A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $62,000; the land at $35,000, and the parking lot at $18,000. Land should be recorded in the accounting records with an allocated cost of:
A. $30,435. B. $35,000. C. $100,000. D. $0. E. $46,087.