The required details about asset is mentioned in below paragraph.
Any real or intangible asset that can be used to generate positive economic value qualifies. Assets are ownership values that can be converted into currency (although cash itself is also considered an asset). The monetary value of a company's assets is recorded on its balance sheet. It safeguards a person's or a company's money and other assets.
Assets are classified into two types: tangible assets and intangible assets. Tangible assets are classified into two types: current assets and fixed assets. Current assets include cash, inventories, and accounts receivable, whereas fixed assets include land, buildings, and equipment.
3636.36 is the correct answer
Consider an asset which has no initial cost but for which there is an expenditure of $2,000 at the end of the first year.
The net cost at the end of year 2 is $4,000.
The two payments with interest = cashflow /(1+r)^n
= 4000/(1+0.05)^2
= 4000/(1.05)^2
= 4000/1.10
= 3636.36
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awkins requested permission to communicate with the predecessor auditor and review certain portions of the predecessor auditor's working papers. the prospective client's refusal to permit this will bear directly on hawkins' decision concerning the
The prospective client's refusal to permit this will bear directly on Hawkins' decision concerning the integrity of management.
A client is someone who uses the services of a professional organization. The term client is usually used when someone uses a service, while a consumer or customer relates to the purchase of a product
Tips for Getting Clients in Property Marketing
Deepen Property KnowledgeVisualize Properties Clearly and in DetailCreate Good CommunicationDon't Give False Promises to Attract ClientsListen to Client's WishBe patientAmong these 6 ways, the thing to note is to be patient, Patience is one of the most important things for a property agent. Sometimes clients have many desires or even the process of buying and selling property is protracted to take quite a long time. This sometimes makes property agents lose patience and do things that are uncomfortable for clients.
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a company recently lowered its service performance from 99% product availability to 97% product availability. the change saved the company exactly $1million per year in inventory carrying cost. senior management now wants to lower the service level to 95% from 97%. such a further change is likely to save:
A company recently lowered its service performance from 99% product availability to 97% product availability. Such a further change is likely to save less than one million.(option b is correct)
A product is anything that can be supplied to a market in order to satiate a customer's need or desire. In marketing, a product is an item, system, or service that is made accessible for consumer usage in response to consumer demand. Products are sometimes referred to as merchandise in the retail sector, and they are purchased as raw materials in the manufacturing sector before being sold as finished goods. A form of product that is also considered is a service.
The most common types of commodities are basic materials like metals and agricultural goods, but they can also include anything that is readily available on the open market. In project management, products are the formally defined project deliverables that include or assist in achieving the project's goals.
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The question was incomplete. Check below the full question.
A company recently lowered its service performance from 99% product availability to 97% product availability. The change saved the company exactly $1million per year in inventory carrying cost. Senior management now wants to lower the service level to 95% from 97%. Such a further change is likely to save (explain!):
a) less than $1 million
b) about another $1 million
c) more than $1 million
williams software has 9.4 percent coupon bonds on the market with 19 years to maturity. the bonds make semiannual payments and currently sell for 107.5 percent of par.
Workman Software has 10.6 percent coupon bonds on the market with 17 years to maturity. The bonds make semiannual payments and currently sell for 108.1 percent of par.
What is the current yield on the bonds?
Answer:
9.81%
Explanation:
Given that:
Coupon rate of bond = 0.106 %
Years of maturity = 17 years
n = 17 × 2 = 34
Interest =
= $53
The current selling price on bonds = $1000 × 108.1%
= $1000 × 1.081
= $1081
Current yield =
= 9.81%
Workman Software has 10.6 percent coupon bonds on the market with 17 years to maturity. The bonds make semiannual payments and currently sell for 108.1 percent of par.
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gleeson corp. obtained the following information from its absorption costing accounting records: operating income $24,000 total product costs incurred during the period $16,000 value of beginning work-in-process and finished goods inventories $0 value of ending work-in-process and finished goods inventories $0 sales $50,000 the total period costs incurred this period equals: select one: a. $20,000 b. $10,000 c. $48,000 d. $15,000
The total Period Costs incurred this period equals $10,000. Expenses that cannot be capitalized on a firm's balance sheet are referred to as period costs.
Period cost are expensed in the duration in which they are incurred and are reported on the balance sheet. Period costs are also referred to as period expenses.
Period costs are calculated using no specific method or formula. For calculating period costs, management could track period cost records and identify those costs that are charged in the profit and loss statement but are not directly related to inventory production.
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answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products j and k. units of j muj units of k muk 1 56 1 32 2 48 2 28 3 32 3 24 4 24 4 20 5 20 5 12 6 16 6 10 7 12 7 8 if the consumer has money income of $64 and the prices of j and k are $8 and $4 respectively, the consumer will maximize her utility by purchasing
The consumer has money income of $64 and the prices of j and k are $8 and $4 respectively, the consumer will maximize her utility by purchasing 276 utils
Real income, commonly referred to as real salary, is the amount of money that a person or organisation actually makes after accounting for inflation. Real income is distinct from nominal income, which does not undergo any modifications. To have the best knowledge of their purchasing power, people frequently closely monitor the difference between their nominal and actual income.
All revenue that is received in the form of money is referred to as money income. This includes pay or wages, house rent, gifts, interest on bank deposits, and other investments.
Money-only income as opposed to other types of revenue. The research project examines methods for distributing monetary income among individuals.
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you need to quickly make an important choice about the best packaging design for your company’s new product. you decide to make the decision and then tell your team why it was the best choice. which decision style should you use?
When you decide to make the decision and then communicate to the team why that was the best choice, it characterizes the directive decision style.
What is a directive decision?It corresponds to a decision-making process that is based on the leader's experience. In this decision style, the manager will use his own reasoning and knowledge about the situation to then make the decision, so that it is communicated to subordinates after it has already been made.
The advantages of directive decision making is the speed with which the process takes place, as it does not require other types of point of view.
Therefore, directive decision-making is usually carried out by already experienced leaders who have the basis to make a certain decision with property and effectiveness, for the success and positioning of the business in the active market.
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in the first year of a company's operations, it uses fifo for internal record keeping but lifo for reporting ending inventory. ending inventory under fifo is $90,000, and ending inventory under lifo is $80,000. the company's year-end lifo adjusting entry will have what effect on the financial statements?
The company's year end LIFO adjusting entry is $10,000.
What is the LIFO adjusting entry?
FIFO is an inventory method that means first in, first out. It is an inventory method where the inventory that was purchased the earliest is the first that is assumed to be sold. The cost of goods sold is made up of the earliest purchased goods. Ending inventory would be made up of inventory purchased the latest.
LIFO is an inventory method that means last in, first out. It is an inventory method where the inventory that was purchased the latest is the first that is assumed to be sold. The cost of goods sold is made up of the latest purchased goods. Ending inventory would be made up of inventory purchased the earliest.
The LIFO adjusting entry is the difference between the cost of ending inventory in LIFO and FIFO.
The LIFO adjusting entry = FIFO inventory - LIFO inventory
$90,000 - $80,000 = $10,000
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petra is working on developing a business plan for her new business. she knows who her target customers are and how they will benefit from her business. she is also working on determining why her business should exist. how can petra use this information in her business plan?
The way that Petra is going to have to make use of this information in the business plan that she is going to write is that it would have to help her to decide the product that she is to bring into the new market.
What is a business plan?This is the term that is used to refer to the business document that has to do with the plans that a person would wish to establish for their business. The business plan has to do with the good that is to be brought in and the way that the production has to be carried out.
It would describe the goals and the objectives that the business is going to try to meet and all of the ways that they would meet up with these goals for their customers.
Hence we would say that the information is going to help her to decide the good that would be beneficial to the people that she wants to create he business for.
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Rental cost for offices spaces have been going up at 6. 2% per year compounded annually for the past 5 years. If office space rent is now at a rate of $32 per square foot per month, what were the rental rates 5 years ago?.
The rental rates were calculated to be $23.7 per square foot per month five years ago if the rental costs have been going up at 6.2% per year compounded annually.
We can use the formula for compound interest to determine the rental rates that were five years ago;
A = P (1 + r/n)^nt
In this formula, the final amount or value is represented by A, the interest rate is given as r, n is used to represent the number of times the interest was applied per time period and the number of time periods elapsed is given as t.
Adding the values in this compound interest equation;
P (1 + 0.062)^5 = 32
P = 32 ÷ (1.062)^5
P = 23.7
Therefore, the rental rate five years ago was $23.7 given that the current rate of rent is 32$ per square foot per month of office space.
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required: 1. suppose dana’s would like to generate a profit of $800. determine how many rosettes it must sell to achieve this target profit. 2. if dana’s sells 1,100 rosettes, compute its margin of safety in units, in sales dollars, and as a percentage of sales. 3. calculate dana’s degree of operating leverage if it sells 1,100 rosettes. 4a. using the degree of operating leverage, calculate the change in dana’s profit if unit sales drop to 935 units. 4b. prepare a new contribution margin income statement to verify change in dana's profit.
Dana needs to sell 1,315 rosettes to achieve this target profit, the Margin of safety in units=200 rosettes, the Margin of safety in sales dollars=$800, and the Percentage margin of safety=1.67%
Dana's degree of operating leverage=6, An increase in the degree of operating leverage implies a reduction in the profits by 750% and Contribution margin=$3,024.
In finance, leverage is any technique related to borrowing a budget to shop for matters, hoping that future profits could be many times extra than the value of borrowing. This approach is known as after a lever in physics, which amplifies a small input force into a greater output pressure, due to the fact hit leverage amplifies the relatively small amount of money wished for borrowing into large quantities of earnings. But, the approach additionally entails the excessive hazard of no longer being capable of pay again a big mortgage. Normally, a lender will set a restriction on how a lot of a chance it is ready to take and could set a restrict on how good deal leverage it's going to allow, and could require the obtained asset to be furnished as collateral safety for the loan.
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great falls corporation reported taxable income of $900,000 in 2022 and paid federal income taxes of $280,000. not included in the computation was a disallowed meals and entertainment expense of $3,500, tax-exempt income of $2,500, and deferred gain on a current-year transaction treated as an installment sale of $32,500. the corporation's current e
Unrelated business taxable income (UBTI) is income that a tax-exempt entity receives but is unrelated to the reason for why the entity is exempt from paying taxes.
What kind of income from unrelated businesses is taxed?
Unrelated business revenue is typically defined as income from a regularly carried on trade or business that is not significantly related to the charitable, educational, or other purpose that is the foundation of the organization's exemption.
What sort of business activity would be considered irrelevant for an exempt organization?
The following actions may result in unrelated business taxable income for a tax-exempt social club: selling food and drinks to visitors. selling wood removed from club property. accepting advertisements in publications such as club newsletters.
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Marketing copy for a teeth-whitening product is selling more than whiter teeth, it's also selling the idea of what?
A. Wonder
B. Braces
C. Confidence
D. Chemicals
Marketing copy for a teeth-whitening product is selling more than whiter teeth, it's also selling the idea of confidence. It also enhances the self belief.
Marketing concepts of business management are build in such a way that is based on building confidence between the customers and the business development managers. Marketing always help to increase sales and profit.
Selling the only idea does not make sense you should be able to convince the product selling to customer by making wonders and wise use of skills taught in marketing arena.
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he marketing plan is a comprehensive, written framework for strategically obtaining marketing objectives. a sport marketing plan can be written for a single sport product/service, a group of products/services, a new promotional strategy, or an entire sport organization.
Sport marketing gives a captive audience constant, prolonged exposure throughout an event. Given that most sporting events last between two and four hours, the lesson is more likely to stick.
What is the plan for sport marketing?
The use of sporting and sports-related events to advertise a company, brand, or product is known as sports marketing. Using this strategy, marketers can use sports' appeal and popularity to draw attention to their company or product. The marketing and promotion of live sporting events is also included in the category of sports and entertainment marketing.
What is a framework for marketing planning?
A marketing strategy framework outlines how you'll carry out your marketing strategy and communicate with your audiences in a way that will support the accomplishment of your marketing objectives. It frequently serves as a model or visual illustration of what you hope to achieve.
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The law of supply says that if all other factors are equal, the supply will _____________ if the price goes up, and the supply will _______________ if the price goes down.
According to the law of supply, if all other things remain constant, the supply will rise with an increase in price and fall with a decrease in price.
A fundamental tenet of economics is the law of supply, which states that, given other factors remaining constant, an increase in the price of commodities will directly translate into an increase in their supply. Because consumers' spending power is constrained due to their restricted resources, demand for a given good or service declines as prices rise.
In contrast, as the product becomes more affordable, demand increases, with a drop in pricing, the rule still applies.
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In a forecasting model using simple moving average, the shorter the time span used for calculating the moving average, the closer the average follows volatile trends. True or false?.
It is true that ''In a forecasting model using simple moving average, the shorter the time span used for calculating the moving average, the closer the average follows volatile trends''.
There are three fundamental categories: causal models, time series analysis and projection, and qualitative approaches. The first makes use of qualitative data (such as the judgement of experts) and details about noteworthy occasions of the sort already discussed, and may or may not take historical factors into account.
Although there are many commonly used quantitative budget forecasting tools, in this article we concentrate on the top four techniques: Straight-line, moving average, simple linear regression, multiple linear regression, and straight-line.
The Global Forecast System (GFS) of the National Weather Service and the European Center for Medium-Range Weather Forecast (ECMWF) model are the two most well-known NWP models. The American and European models are other names for them.
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Describe how basic business concepts are important to marketing?
The advantage of marketing for your business is that it engages customers and influences their decision to buy your products or services.
What fundamental ideas underlie business?A business concept is essentially a condensed explanation of the idea that drives a company's existence. It outlines the main consumer issues it wants to address, explains how the concept relates to a market, and offers clear guidance when developing a business plan.
What role does the business concept play?It not only establishes the foundation for the subsequent business plan, but also develops your idea, describes the customer issue it seeks to address, and examines how the idea will fit into the larger market. It's a bite-sized overview that you can distribute to potential partners, lenders, and/or investors.
What role does the marketing notion play in business?The benefit of marketing for your company is that it engages consumers and helps them decide whether to purchase your goods or services. A marketing strategy, which is a component of your business plan, also aids in establishing and sustaining demand, relevance, reputation, competition, etc.
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interest earned on the cash balance in the bank is recorded by the bank as: multiple choice an increase in the bank’s asset account. an increase in the bank’s expense account. a decrease in the bank’s asset account. a decrease in the depositor’s bank account. an increase in the depositor’s bank account.
Interest earned on the cash balance in the bank is recorded by the bank as an increase in the depositor’s bank account.
What is the impact of interest earned?A savings account is a type of account that can be opened with a bank. Savings account earn interest based on the amount of money in their account at the end of the month.
The interest that is earned depends on the number of withdraws, interest rate paid on deposits and the amount deposited in the account. Deposits are recorded as a liability in the balance sheet of a bank. A liability is an obligation that has to be paid at sometime in the future.
This means that at the end of the month, the value of the money in the depositor's saving account increases by the value of interest paid.
For example, if the interest paid by a bank on deposits in a savings account is 10%. If an account has $1000 in the account, the value of the amount at the end of the month is 1,100 (1000 x 1.1).
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Select the correct answer from each drop-down menu.
When a government introduces regulations addressing worker safety and environmental protection, it affects businesses and consumers.
Businesses face
v because they must alter existing infrastructure to meet regulations. As a result, consumers pay
v for produced goods.
Businesses and consumers are impacted when a government enacts legislation addressing worker safety and environmental protection. Businesses must change their existing infrastructure in order to comply with rules, which results in (HIGER COST)
Briefing: -As a result, customers pay (MORE) for things that have been produced.
This is due to the extra money that business owners expend to make sure they are adhering to rules. Therefore, in order for them to see a return on their investment, they must sell more of the products they currently have on hand (ROI).
What exactly are business and consumer?Business-to-consumer (B2C) refers to the practice of conducting direct sales of goods and services between an organization and the customers who will ultimately use those goods or services. B2C enterprises are the majority of businesses that sell to consumers directly.
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united research associates (ura) had received a contract to produce two units of a new cruise missile guidance control. the first unit took 5,000 hours to complete and cost $40,000 in materials and equipment usage. the second took 4,750 hours and cost $34,000 in materials and equipment usage. labor cost is charged at $25 per hour. the prime contractor has now approached ura and asked to submit a bid for the cost of producing another 20 guidance controls.
Learning rate for labor hours = Time for 2nd unit / Time for 1st unit = L1 = 4750/5000 = 0.95 ( or 95 %) Learning rate for material and equipment usage = Material and equipment cost for 2nd item / Material and equipment cost for 1st item = 34000/400.
How is learning rate determined?The formula Y = ax is used to determine the learning curve and takes the quantity of attempts into account. The cost/time decreases at a steady rate as the number of attempts is doubled.
What does a learning curve of 90% indicate?For instance, a 90% learning curve indicates that the average production time per unit increases by 10% for every doubling of the total quantity. The percentage indicates the portion of the task's time that will be carried over to subsequent iterations when production is doubled.
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Tylenol products have extensive instructions for users to prevent accidental overdose and associated liver function complications. This is an example of which type of benefit that packaging can provide?.
The benefit of packaging provided by Tylenol products by indicating implications of accidental overdose is communication benefit.
The science, art, and techniques of wrapping or safeguarding products for dispersion, stockpiling, sale, and use is known as packaging. The method of creating, assessing, and generating packages is also referred to as packaging. Product packaging is utilized by companies to communicate information. Packaging includes nutritional information, usage instructions, characteristics, and advantages. Customer support information also appears on packaging to enable customers to reach companies or communicate with it as well as provide feedback or make suggestions.
In this case packaging of Tylenol products have been done in such a way to provide useful information about its usage as well as prevent the consumers from accidental overdose as it can be associated with liver function complication. Through its packaging company is communicating with the consumers in an indirect manner.
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Marcel duchamp was a famous artist prior to his death, and was known for his dada artwork, including works such as soft toilet. All of his original sculptures and paintings go on sale. Supply is.
All of his original sculptures and paintings go on sale supply is Perfectly Inelastic. A product is referred to as "perfectly" inelastic when it has an elasticity of zero.
This indicates that regardless of how the product's price changes, neither the supply nor the demand will alter at all. It's common to refer to inelastic items as necessity. Because individuals cannot or will not live without it, a change in price has no effect on either consumer demand or the overall supply of the commodity. Water, sculptures, housing, and food are examples of inelastic goods. A change in price causes the quantity to decrease to zero.
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The part of marketing copy that asks the audience to do something with the information you've just provided is known as what?
A. Return on investment
B. call to action
C. vernacular
D. emotional language
The part of marketing co-py that asks the audience to do something with the product information you've just provided is known as vernacular. Marketing co-py is content produced to promote, sell, or encourage readers to take a specific action.
Their products and services by educating clients, providing resources, and providing contact information. Marketing co-py is the writing used to educate people about a product and persuade them to buy it. Marketing copy is utilized in an increasing variety of mediums, from local newspaper advertisements to the tagline in a video. In advertising, marketing, and related professions, the term "copy" refers to the work of copywriters.
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lori tripp wants to invest in an annuity for her grandchild charles, who is 10 years old. she wants the annuity to pay exactly $10,000 a year for 5 years, beginning on charles’s 21st birthday (september 15, 2028). she wants to know how much money she will have to invest on march 15, 2018, when she expects to receive an inheritance check, in order to provide such an annuity. you have already determined that the annuity will earn three percent interest, compounded annually.
Lori tripp will receive $64,684.10 at the end of 5 years with a total interest of 4,684.10 with an investment of 10000 every year for 5 years
What is investment?An investment is something that is bought with the hope of making money or appreciating in value. A rise in an asset's value over time is referred to as "appreciation." A person who purchases a product as an investment does not expect to utilize it right immediately; rather, they want to use it to profit from it in the future.
When a financial asset is bought with the hope that it will boost earnings or be sold for a profit in the future, it is considered a financial investment. Investment is defined as an increase in the stockpile of physical capital, such as machinery.
How Does Investing Work?The simplest explanation of how investing works is purchasing something for a bargain and then selling it for a higher price. This form of investment return is known as a capital gain. Realizing returns through obtaining capital gains or selling assets at a profit is one way to make money investing.
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a real estate agent has 18 properties that she shows. she feels that there is a 40% chance of selling any one property during a week. the chance of selling any one property is independent of selling another property. compute the probability of selling exactly 6 properties in one week. round your answer to four decimal places.
Probability of selling no more than 3 properties in one week is 42%
She can sell 7.2 properties (18 x 40%) in a week if she has 18 properties to sell and a 40% chance of selling any one of them. The likelihood of selling no more than 3 properties in a week is 3/7.2 x 100 = 0.4167.
Probability is the likelihood that one event will occur out of many possible events. It is calculated by dividing the total number of events by the number of occurrences where only one event is occurring. It is stated as a decimal number or percentage.
High likelihood Selling is a means of "persuading people to buy" without actually doing anything. No arguing, persuading, overcoming obstacles, or convincing. No trying to win them over, no seeming like a buddy, and no pleading for the sale.
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cora agreed to sell rafael a rare, vintage car in 90 days. when the parties met to sign the paperwork and hand over the keys, cora breached their agreement by refusing to sell. if the court orders cora to sell rafael the car, as promised, which type of remedy is being granted? multiple choice
cora agreed to sell rafael a rare, vintage car in 90 days. when the parties met to sign the paperwork and hand over the keys, cora breached their agreement by refusing to sell. if the court orders cora to sell rafael the car, as promised, remedy for specific performance has been granted.
Specific performance is known as an equitable remedy however any court can order the breaching party to render the performance which has been promised and also to take a specific action.
Specific performance remedy is available only when the subject matter of the contract is completely and sufficiently unique and also money damages would be an inadequate remedy.
Specific performance is available in a sale of goods case unless and until the goods are rare and distinctive in such a way that the buyer could not reasonably be expected to find those goods elsewhere.
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decision point: sustaining growth it has now been 3 years since burnin' rock was launched, and after a shaky start in the introduction stage, the product appears to be entering the maturity stage of the product life cycle. product sales remain strong, but many competitors have entered the market. the vice president of marketing stops by your office and asks how you plan to sustain burnin' rock's market growth.
As the firm's product is about to enter the maturity stage of the product life cycle, that is, it is still in growth stage where the product sales remain strong and many competitors have entered the market, the strategies that will help to improve the product growth are:
improving product quality.adding new product featuresadding support services to grow your market shareentering a new markets segmentskeeping the pricing as high to keep demand and profits high.increase of distribution channels to cope with growing demand.What is a product life cycle?Basically, it refers to the length of time from which a product is introduced to consumers into the market until it is been removed from the shelves. It is used by management and marketing professionals as a factor in deciding when it is appropriate to increase advertising, reduce prices, expand to new markets, or redesign packaging.
The four stages in a product's life cycle are:
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if the fed wishes to stimulate the economy, it could: i. buy u.s. government securities. ii. raise the discount rate. iii. lower reserve requirements.
It could buy U.S. government securities and lower reserve requirements.
Everyone who wants to invest in stocks, of course they will always be attached to securities or securities companies. Reporting from the official website of Investopedia, what is meant by securities are financial instruments that represent the position of share ownership in a public company.
That is, securities are evidence of share ownership in a public company. But in our country, securities are often claimed to have the same meaning as securities companies. There are at least two business activities carried out by securities companies, namely securities trading brokers and securities underwriters.
1. Securities Trading Broker
Companies have a role as securities trading intermediaries or broker dealers, so they will carry out securities trading activities in the form of securities for their own interests or for other people. In addition, securities companies will also usually carry out stock and bond buying and selling activities that can be carried out on the IDX or outside the IDX.
2. Underwriter
Another activity carried out by securities companies is guaranteeing the issuance of securities. This means that securities companies have full responsibility in helping prospective issuers to carry out public offering activities, known as initial public offerings (IPOs), with or without an obligation to buy the remaining unsold securities in the market.
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quint, an employee of reservations inc. pays sienna, an employee of reservations’ competitor travel inc., for a list of travel’s clients. this is most likely
If quint, an employee of reservations inc. pays sienna, an employee of reservations’ competitor travel inc., for a list of travel’s clients. this is most likely commercial bribery
What is commercial bribery?Commercial bribery can be defined as the way in which a person who work for a company tend to bribe another company employee due to the benefit they want to derived as a result of the bribery.
Most people tend to engage in this act of corruption so as to have a competitive advantage over others competitors that engages in the same business as their.
Example a seller can tend to bribe a worker of a potential buyer without the knowledge of the buyer due to what they intend to achieve as a result of indulging in the act.
Therefore we can conclude that commercial bribery is an act of corruption that people engages in due to their own selfish interest.
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the market mechanism may make some people rich while leaving others poor. if such outcomes violate our vision of fairness, we say this is the market failure of . multiple choice question. externalities inequity public goods market power
The market mechanism may make some people rich while leaving others poor. This is known as the market failure of inequity. The correct answer would be option B.
Market failure refers to a situation where there is an inefficient allocation of products and services in the open market. The incentive for logical behavior does not result in rational consequences for the group in a market failure.
Income inequality is common in free market economies, which suggests that inequality can be the outcome of a market failure. People who are born wealthy have a higher chance of becoming wealthy, while those who are poor have a higher chance of living in relative poverty. Some economists disagree when inequity is described as a market failure. They contend that fairness is not a function of markets. Fairness is not an economic issue; it is a political or social one.
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a firm with a(n) culture is more likely to develop reliable internal processes, extensive use of measurement, and implementation of a variety of control mechanisms.
A a firm with hierarchy culture is more likely to develop reliable internal processes, extensive use of measurement, and implementation of a variety of control mechanisms.
What is culture?
Culture can be described as the way people live their life, it can be regarded as the behaviors as well as the way people in the organization as well as the society carry out their activities.
It should be noted that when a firm with hierarchy culture then their is usually the presence of the internal processes where there will be control on most of the operation of the organization for efficiency and more productivity.
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