Regarding the demand for business products, which of the following is true?
A. Industry demand is generally highly elastic.
B. The demand facing most individual firms is fairly inelastic.
C. Demand for business products is derived from the demand for final consumer products.
D. All these answers are correct.
Answer: C
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Answer the following statements true (T) or false (F)
1.Consider Figure 5.5. With free trade, Mexican producer surplus equals $2,450 and Mexican consumer surplus equals $200. 2.Consider Figure 5.5. Suppose that the governments of Mexico and Japan negotiate a voluntary export agreement in which Japanese TV exports to Mexico are limited to 8 units. Under the quota, the price of TVs in Mexico equals $250 while Mexicans produce 10 TVs and purchase 18 TVs. 3.Consider Figure 5.5. Compared to free trade, the Japanese export quota leads to an increase in Mexican consumer surplus of $3,150. 4.Consider Figure 5.5. Compared to free trade, the Japanese export quota leads to an increase in Mexican producer surplus of $1,050. 5.Consider Figure 5.5. The deadweight welfare loss to Mexico, as a result of the Japanese export quota, totals $1,200.
The depreciation of factory equipment is adjusted on the work sheet by debiting Depreciation Expense—Factory Equipment
Indicate whether the statement is true or false
The focus of forensic accounting is similar to financial statement auditing in that it is directed to the fairness of financial statements
a. True b. False Indicate whether the statement is true or false
Which of the following statements about retail store personnel is true?
A) The presence of knowledgeable sales personnel is generally unimportant to shoppers. B) Shoppers tend to rate the quality of service they receive from sales personnel as low. C) The turnover rate among sales personnel is low. D) Superior customer service is rarely seen as a competitive advantage. E) Store personnel are unrelated to a store's image.