Answer:
c. short-run average total cost is typically above long-run average total cost
Explanation:
In the case when the average of the total cost of the short run should be compared with the average of the total cost of the long run for a given output level so this means that the average of the total cost of the short run should be more than the average of the total cost of the long run
Therefore as per the given situation, the option c is considered
Mary Delany, owner of Delany Salsas, is curious to know whether the new packaging for her line of salsas is being noticed by supermarket consumers. Accordingly, she ventures out to the local supermarket and passively watches the reactions of shoppers as they pass by one of the many Delany Salsas displays. Mary Delany is collecting ____ data through ____ methods.
Answer:
primary/observational
Explanation:
The primary data may be defined as the data or the information that is collected by the researcher or the experimenter directly from the subjects through any interviews or surveys. It is a first hand information or data collected directly from the source.
In the context, Mary Delany is collecting or gathering the data which is considered as a primary data through an observational methods. The data collected by Mary is primary because she collected the data first hand directly by visiting the local supermarkets from the customers.
And the method of gathering data is observational as she collected data by observing the people or the customers coming to the supermarkets and not by interviewing them.
So, the answer is primary/observational.
Hãy lựa chọn một công ty sử dụng dịch vụ nghiên cứu marketing của các nhà cung cấp bên ngoài 1.Lý do công ty phải thuê ngoài 2.Những tổ chức nào đã cung cấp dịch vụ marketing cho công ty? 3.CÔNG TY THUÊ MỘT HAY THUÊ TOÀN BỘ CAC HOẠT ĐỘNG NGHIÊN CỨU MARKETING
uuuuuuummmmmmmmmmmmmmmmm.....
Why would decreased wages be an added problem for the Pullman workers?
A City Electric Utility Enterprise Fund made its annual interest payment on its outstanding $20 million of 6% bonds, which were originally issued at a premium. Assuming the City maintains it books and records in a manner that facilitates preparation of its fund financial statements, the entry to record this would include a credit to Cash for the amount of the interest checks written and debit(s) to ___________.
Answer:
Debit to Interest expenditure and bond premium.
Explanation:
Based on the information the Appropriate journal entry to record this would include a CREDIT TO CASH for the amount of the interest checks written and DEBIT(S) to INTEREST EXPENDITURE AND BOND PREMIUM reason been that we were told the ANNUAL INTEREST PAYMENT on the company its outstanding was the amount of $20 million of 6 percent bonds, which were ISSUED AT A PREMIUM.
Debit to Interest expenditure and bond premium $1.2 million
($20 million*6%)
Cr Cash $1.2 million
Benny spends all of his money buying wine and cheese. The marginal utility of the last bottle of wine he bought is 60, and the marginal utility of the last block of cheese he bought is 30. The price of wine is $3, and the price of cheese is $2. Benny: Group of answer choices is buying wine and cheese in the utility-maximizing amounts. should buy more wine and less cheese. should buy more cheese and less wine. is spending too much money on wine and cheese.
Answer:
should buy more wine and less cheese
Explanation:
Marginal utility is the additional utility derived from consuming one more unit of a good
The consumption decision is to consume more units of a good that gives the higher utility per good.
Marginal utility per good = marginal utility / price of the good
Wine = 60 / $3 = 20
Cheese = 30 / $2 = 15
Wine has a higher utility per good when compared with cheese. Benny should buy more wine and less cheese
3. Which of the following is the account title used to include
instances of price adjustment in case if there is a defective item.
A. Sales returns
B. Purchase discounts
C. Sales returns and allowances
Answer:
The correct answer is C. Sales returns and allowances.
Explanation:
Sales allowances are discounts that the seller of the product offers to the buyer when there is some type of failure or error in the product or service offered, that is, the buyer pays a lower price because the quality offered is also lower. In this way, there is a double advantage: on the one hand, the buyer obtains the product at a lower price saving money and, on the other hand, the seller discards a defective product without losing money.
Answer:
C. Sales returns and allowances.
Explanation:
Sales returns and allowances is a deduction from sales that shows the sale price of goods returned by customers, as well as discounts taken by them to retain defective goods.
A manufacturer of disposable foam products entered into a written contract with a take-out restaurant to sell them 5,000 disposable foam food containers per month at 5 cents per food container for a two-year period. Per the contract, payment of $250 was due once a month. The restaurant was also responsible for paying shipping charges, which were payable on a quarterly basis. Finally, the contract stated that if any of the containers were discovered to be damaged, they could be returned for a full refund. However, the contract was silent with regard to the return of any containers that were not damaged. In the last month of its contract with the manufacturer, the restaurant decided to switch to biodegradable, recycled cardboard food containers because its take-out customers complained about the harmful effects of disposable foam products on the environment. The restaurant asked the manufacturer not to ship the final shipment, but the manufacturer refused. The restaurant had not yet made the $250 payment for the final shipment of containers, but it did owe the manufacturer delivery charges for its final quarter. The restaurant returned all of the containers to the manufacturer. In addition, the restaurant sent an envelope with cash for the final shipping charges. In the envelope, the restaurant included a brief memo stating that the cash included was for payment in full, including all food containers and shipping charges. The manufacturer's accounting department received the envelope, read the memo, and deposited the cash. The manufacturer then sued the restaurant for the final payment of $250. Which of the following legal concepts would be the strongest argument against payment of $250?
A. Novation
B. Good-faith modification
C. Estoppel
D. Accord and satisfaction
Answer:
Option B
Explanation:
Since the contract did not mentioned any thing about the retuning of containers that were not defective, it becomes the obligation of the buyer to pay the final delivery amount on the basis of Good-faith modification.
Hence, option B is correct
Which of the following is NOT one of Modigliani and Miller's set of conditions referred to as perfect capital markets?
A. All investors hold the efficient portfolio of assets.
B. There are no taxes, transaction costs, or issuance costs associated with security trading.
C. A firm's financing decisions do not change the cash flows generated by its investments, nor do they reveal new information about them.
D. Investors and firms can trade the same set of securities at competitive market prices equal to the present value of their future cash flows.
Answer:
c
Explanation:
here are their assumptions
All expectations on expected cash flows are homogenous bonds and shares are traded in perfect markets - there are no transaction costs. two investments with identical cash flows, terms and risk must trade at the same price investors can borrow and lend at the risk free rate there are no agency cost investing and financing decisions are independent of each otherThe option, NOT one of Modigliani and Miller's set of conditions often referred to as perfect capital markets, is A. All investors hold the efficient portfolio of assets.
Modigliani and Miller's theory is based on the assumptions that there are no taxes, transaction, issuance, and bankruptcy costs in security trading. It relies on the symmetry of market information and the same borrowing cost for investors and companies. These assumptions do not apply in the real world.
Thus, the wrong option is A. All investors hold the efficient portfolio of assets.
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Which of the following is an example of strategic human resource management?
1. Meeting with members of a particular department to find out why employee turnover is so high
2. All of the answers are examples of strategic human resource management.
3. Hiring replacements for employees who have left a department with high turnover as soon as possible
4. Taking as much time as necessary to hire replacements for employees who have left a department with high turnover
Answer:
1
Explanation:
Meeting with members of a particular department to find out why employee turnover is so high is an example of strategic human resource management. Thus, the correct answer is option 1.
What is strategic human resource management?Strategic human resource management (HRM) is a framework that connects people management and development practices to long-term company goals and outcomes.
It is concerned with longer-term resource concerns in the context of an organization's goals and the changing nature of work. It also influences other HR strategies, such as reward and performance, by establishing how they fit into the larger corporate plan. It contributes to ensuring that the many parts of people management collaborate to drive the behavior and climate required to create value and reach performance goals.
Therefore, option 1 is the appropriate example of strategic human resource management.
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. Use the following information to calculate the dollar cost of using a money market hedge for a 200,000 pounds of payables due in 180 days. Assume the firm has no excess cash. Assume the spot rate of the pound is $2.02, the 180-day forward rate is $2.00, the British borrowing/deposit interest rate is 5%, and the U.S. borrowing/deposit rate is 4% over the 180-day period. a. $391,210. b. $396,190. c. $388,210. d. $384,761. e. None of the above.
Answer:
$400,152.38
Explanation:
Number of days taken in a year = 360
Amount payable = Pounds 200,000
Funds required today = 200,000/(1+0.05*180/360)
Funds required today = 200,000/0.525
Funds required today = 380,952.38 Pounds
Cost of Dollar = 380,952.38*$2.02
Cost of Dollar = $769,523.81
So, the amount of dollar borrowed today is $769,523.81.
Payment of loan after 180 days = $769,523.81*(1+0.04*180/360)
Payment of loan after 180 days = $769,523.81*0.52
Payment of loan after 180 days = 400152.3812
Payment of loan after 180 days = $400,152.38
business do not maximise output from the given inputs
Answer:
Allocative inefficiency.
Explanation:
Factors of production can be defined as the fundamental building blocks used by individuals or business firms for the manufacturing of finished goods and services in order to meet the unending needs and requirements of their customers.
In Economics, there are four (4) main factors of production and these are;
I. Land.
II. Labor (working).
III. Capital resources.
IV. Entrepreneurship.
When these aforementioned factors of production are combined effectively and efficiently, they can be used for the manufacturing or production of goods and services to meet the unending requirements or needs of the consumers.
Basically, there are two (2) types of inefficiency associated with the production of goods and services to meet the unending requirements or needs of consumers, these includes;
1. Technical (productive) inefficiency: it occurs when a company or business firm produce goods and services that consumers do not want. This is typically as a result of the incorrect and inefficient allocation of scarce resources by a business firm or entity.
2. Allocative inefficiency: it occurs when a company or business firm do not maximise output from the given inputs such as raw materials, capital, etc. Thus, it arises when businesses fail to increase the level of their production or productivity from a number of given inputs.
Hence, when a business do not maximise output from the given inputs, it is referred to as an allocative inefficiency.
In conclusion, allocative inefficiency typically occurs when the price of a good or service isn't equal to its marginal cost i.e P ≠ MC.
which of the following activities is an example of gethering datd by observation
Complete Question:
Which of the following activities is an example of gathering data by observation.
Group of answer choices.
A. Using a database to look up the number of products returned each
week.
B. Conducting a survey of people who took a training course.
C. Reading product features in several suppliers’ online catalogs.
D. Measuring how many parts workers assemble in an hour.
Answer:
D. Measuring how many parts workers assemble in an hour.
Explanation:
An observational study can be defined as a type of study in which a researcher observes and measures the effect of a diagnostic test, risk factors, or treatments on individuals without intervening, changing or manipulating who are or aren't exposed to it (controlled conditions).
Basically, observation is a research method that involves examining a given population in order to gather certain informations about them. Thus, it is typically aimed at observing the activities that are being performed by a population of interest.
Hence, measuring how many parts workers assemble in an hour would be considered to be an example of gathering data by observation because you would have to monitor and keep an eye on the workers as they perform their jobs.
Answer:
Measuring how many parts workers assemble in an hour
Explanation:
Which one of the following is an example of a "flexibility" option? Group of answer choicesA company has an option to close down an operation if it turns out to be unprofitable. A company agrees to pay more to build a plant in order to be able to change the plant's inputs and/or outputs at a later date if conditions change. A company invests in a project today to gain knowledge that may enable it to expand into different markets at a later date. A company invests in a jet aircraft so that its CEO, who must travel frequently, can arrive for distant meetings feeling less tired than if he had to fly commercial. A company has an option to invest in a project today or to wait a year. Next
Answer:
A company agrees to pay more to build a plant in order to be able to change the plant's inputs and/or outputs at a later date if conditions change.
Explanation:
Real option analysis
This is simply described as a form of an analysis of capital budgeting projects. It is often used by managers so as to influence the size and riskiness of a project's cash flows. And this can be done only by taking different actions or at the end of the project's life.
It uses the usual NPV capital budgeting analysis along with an analysis of opportunities as a result of manager's responses to changing circumstances that can change a project's outcome.
Examples of Real Options
1. Investment timing
2. Abandonment/shutdown
3. Flexibility
4. Growth/expansion
Flexibility Option
This type of re option simply allows operations to be changed based on how conditions change during a project's life. It is said to exists when it is useful spending money today, which therefore helps one to maintain flexibility down the line. That is, either inputs or outputs (or both) can be altered.
A seller delivered a deed to a buyer at the closing. A title search disclosed no serious defects, and the title did not appear to be based on doubtful questions of law or fact nor did it appear to expose the buyer to possible litigation. The seller's title did not appear to present a threat to the buyer's quiet enjoyment, and the title policy was sufficient to convince a reasonably well-informed person that the property could be resold. The title conveyed would commonly be called
Answer:
A marketable title
Explanation:
A marketable title in real estate is on that is legally considered free from defect. Buyers will have no issues with accepting the title because there are no objectionable items associated with the title.
It means the property in question is free of easements, liens, encumbrances or other legal defects.
In the given scenario a title search disclosed no serious defects, and the title did not appear to be based on doubtful questions of law or fact nor did it appear to expose the buyer to possible litigation.
This is a marketable title.
Explain how you would apply any five pricing techniques to attract ccustomers
Answer:
1. Price skimming. Skimming involves setting high prices when a product is introduced and then gradually lowering the price as more competitors enter the market. 2. Market penetration pricing 3. Premium pricing. 4. Economy pricing. 5. Bundle pricing. (these are just some that I know)
Explanation:
Charles and Marcia are married, cash-basis taxpayers. In Year 2, they had interest income as follows: $500 interest on federal income tax refund $600 interest on state income tax refund $800 interest on federal government obligations $1,000 interest on state government obligations What amount of interest income is taxable on Charles and Marcia's Year 2 joint income tax return?
Answer:
$1900
Explanation:
Calculation to determine What amount of interest income is taxable on Charles and Marcia's Year 2 joint income tax return
Using this formula
Taxable interest income=Interest on federal income tax refund+Interest on state income tax refund+Interest on federal government
Let plug in the formula
Taxable interest income=$500 +$600+$800
Taxable interest income=$1,900
Therefore the amount of interest income that is taxable on Charles and Marcia's Year 2 joint income tax return is $1,900
Assume the market value of Fords' equity, preferred stock, and debt are$6 billion, $2 billion, and $13 billion, respectively. Ford has a beta of 1.7, the market risk premium is 8%, and the risk-free rate of interest is 3%. Ford's preferred stock pays a dividend of $4 each year and trades at a price of $30 per share. Ford's debt trades with a yield to maturity of 8.0%. What is Ford's weighted average cost of capital if its tax rate is 30%
Answer:
Explanation:
Cost of equity (Re) = Risk free rate + Equity rate*Market risk premium
Cost of equity (Re) = 0.03+(1.7*0.08)
Cost of equity (Re) = 0.03 + 0.136
Cost of equity (Re) = 0.166
Cost of preferred stock (Rpfd) = Dividend/stock price
Cost of preferred stock (Rpfd) = 4/30
Cost of preferred stock (Rpfd) = 0.1333
==> 6 billion + 2 billion + 13 billion = 21 billion
Debt % = 13 billion / 21 billion = 0.619 \
Equity % = 6 billion / 21 billion = 0.286
Preferred stock % = 2 billion / 21 billion = 0.095
Debt capital (Rd) = Its comes from yield to maturity of 8%
Tax rate= 30%
WACC = Re*E% + Rpfd*P% + Rd(1-Tc)D%
WACC = (0.166)*(0.286) + (0.1333)*(0.095) + (0.08)*(1-0.3))*(0.619)
WACC = 0.047476 + 0.0126635 + 0.034664
WACC = 0.0948035
WACC = 9.48%
So, Ford's weighted average cost of capital is 9.48%
Aa jaaaaaao not for bad
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Noise pollution has been insereted as pollution in the air act in, (a) 1981 (b)1987 (c)1982 (d)2000
Answer:A
Explanation:Noise though not defined in any statute but it is included as environmental pollutants in Section (a) of the Air Act 1981. After this included noise is recognized as a kind of air pollution and steps are taken to control it efficiently.
Market competition may sometimes encourage a firm to innovate out of fear because of the perception that Group of answer choices they will inevitably fall behind other competitors seeking out innovations. the firm will only have a very temporary edge over its competitors. the ability to earn above-normal profits is also available to its competition. higher profits can only be earned by finding less expensive ways to produce.
Answer:
they will inevitably fall behind other competitors seeking out innovations.
Explanation:
Innovation typically involves the creation of a new product of any category such as automobile, building, phones, electronics, etc., that generates money for the innovators or manufacturers through purchase made by the end users (consumers).
Competitive advantage can be defined as conditions, factors or circumstances that allow a business firm (organization) to manufacture finished goods or services better and perhaps cheaper than other (rival) firms in the same industry. Thus, it's responsible for putting a business firm in a superior or more favorable position than rival firms.
This ultimately implies that, a competitive advantage has a significant impact on a business because it increases its level of sales, revenue generation and profit margin when compared to rival firms in the same industry.
Hence, market competition may sometimes encourage a firm to innovate out of fear because of the perception that they will inevitably fall behind other competitors in the same industry who are seeking out innovations.
5. Do a SWOT analysis for the business idea you chose in question 2 above. Describe at least 2 strengths, 2 weaknesses, 2 opportunities, and 2 threats for that company idea. (1-8 sentences. 4.0 points)
6. Make a list of at least 3 people you would want to give copies of your business plan to, and explain why you chose each of those people. (1-5 sentences. 3.0 points)
PART I
Answer:
The business idea is that of a Bakery that specializes in pastry that is mixed with fruits.
Explanation:
SWOT
Strengths
Unique Value Proposition which is healthier bread and cake recipes20 years experience in baking which translates to strong industry knowledgeWeaknesses
Insufficient Equipment to go withWeak or zero visibility for new businessOpportunities
Little or no competition as the recipes are unique to meHuge demand for healthier pastry especially in my current locationThreats
The industry is heavily regulated and may be shut down if there are compliance issuesOne competition that knows what they are doing and combines pastry with healthy drinks such as smoothies. We don't do smoothies.Part II
Answer:
The persons I would give the business plan to are:
My family An angel investor who I met on LinkedIn who supports small businesses and start-upsMy banker of over 20 yearsI would give the business plan to my family members because they are the easiest people to raise funds from and also because family, can decide to contribute in cash or in-kind with no interest required.I would give the business plan to an angel investor because their funds are cheaper than those of the banks though a little more difficult to come byBanks always have the funds but the funds come at a higher cost than the first two.Cheers
You purchased a call option for $3.45 17 days ago. The call has a strike price of $45, and the stock is now trading for $51. If you exercise the call today, what will be your holding-period return? If you do not exercise the call today and it expires, what will be your holding-period return?
Answer:
73.9%;-100%
Explanation:
1. Calculation to determine what will be your holding period return If you exercise the call today
First step is to determine the Forest profit
If the call is exercised
Gross profit =$51 - 45
Gross profit= $6
Second step is to calculate the Net profit
Net profit =$6 -$3.45
Net profit = $2.55.
Now let calculate The holding period return Holding period return=$2.55/$3.45
Holding period return = .739 *100
Holding period return=73.9%
Therefore If you exercise the call today, what will be your holding-period return will be 73.8%
2. Calculation to determine what will be your holding period return If you do not exercise the call today and it expires,
Holding period return= ($0 -$3.45)/$3.45
Holding period return=-$3.45/$3.45
Holding period return = -1.00*100
Holding period return= -100%
Therefore If you do not exercise the call today and it expires, what will be your holding period return will be -100%
What are the three broad sections of a state or local government's CAFR? a. Introductory, financial, and statistical. b. Financial statements, notes to the financial statements, and component units. c. Introductory, statistical, and component units. d. Component units, financial, and statistical
Answer:
The answer is A.
Explanation:
CAFR means Comprehensive Annual Financial Report.
The CAFR has 3 sections - Introductory, Financial and Statistical
The Introductory section guides the user of the report through the report.
The Financial section presents the government's financial statements as well as notes to the statements and the independent auditors’ report.
The Statistical section provides statistical and financial data.
During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $5 per unit, Direct labor, $3 per unit, Variable overhead, $4 per unit, and Fixed overhead, $290,000. The company produced 29,000 units, and sold 19,500 units, leaving 9,500 units in inventory at year-end. Income calculated under variable costing is determined to be $365,000. How much income is reported under absorption costing
Answer:
$460,000
Explanation:
The computation of the income reported under absorption costing is shown below:
Fixed overhead under absorption costing is
= ($290,000 ÷ 29000 units)
= $10 per unit
Units in ending Inventory is
= 29,000 units - 19,500 units
= 9,500 units
Now the cost of ending units is
= 9,500 units × $10 per unit
= $95,000
And, finally Income under absorption costing
= Income under variable costing + ending inventory
= $365,000 + $95,000
= $460,000
10. If you are under 18 years you shall not operate a motor vehicle between the hours of ....... and...... unless you are
driving to or from a scheduled event. This curfew remains in effect until you turn 18, regardless of when your
driver's license was issued.
A
1 am to 5 am
B. O 12 pm, 5 am
c. O5 pm, 5 am
D. O 10 pm, 5 am
Answer:
its a 1 am to 5 am
Explanation:
i took the test
Calculate the forward rate for (i) the second year; (ii) the third year; (iii) the fourth year. (Do not round intermediate calculations. Round your answers to the nearest whole percent.) Maturity (years) Price of Bond 1 $ 943.40 2 898.47 3 847.62 4 792.16
Answer:
Bond 1 : 4.38%
Bond 2 : 5.91%
Bond 3 : 6.07%
Bond 4 : 7.21%
Explanation:
The face value of the bond is assumed to be $1,000
Price of Bond 1 : 943.40 = 1000 / (1 + x1) ^1
x1 = 4.38%
Price of Bond 2 : 898.47 = 1000 / (1 + x1) ^2
x1 = 5.91%
Price of Bond 3 : 847.62 = 1000 / (1 + x1) ^3
x1 = 6.07%
Price of Bond 1 : 792.16 = 1000 / (1 + x1) ^4
x1 = 7.21%
If an investor is looking for information about a particular mutual fund, the BEST source of that information will be the (A) fund's accounting documents such as the balance sheet and income statement. (B) fund's prospectus, which contains investment strategy, management style/structure, sales load and fee structure, and more. (C) investment manager of the fund who can provide a specific listing of all investments in the fund at any given point in time during a trading day. (D) SEC, which keeps detailed files and reports on the fund, all of which are available to the public.
If an investor is looking for information about a particular mutual fund, the best source of that information will be the fund's prospectus, which contains information about investment strategy, management style and structure, sales load and fee structure, and more. Hence, Option B is correct.
What is a mutual fund?The fund, which is pooled by the company, was raised from many investors. The money will be invested in securities like stocks, bonds, or short-term debt. A portfolio is the combined holdings of all the mutual funds, which are purchased by the investors.
When a person wants to invest in a mutual fund, the easiest way to get information about the mutual fund is from its prospectus. In the prospectus, investment strategy, management style, structure, sales, and many more things are mentioned.
Thus, Option B: the fund's prospectus, which contains investment strategy, management style/structure, sales load and fee structure, and more, is correct.
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Daisy McMillan works as the office manager for Timball and Lewis, a medium-sized law firm. One afternoon, she went to the hardware store to purchase a few maintenance items for the office. While there, she also bought her husband a hammer as a birthday present. At the register, the items, including the hammer, totaled $63. She paid for all the items together and received both a carbon copy receipt and a separate credit card receipt. Back at the office, she carefully scratched additional numbers on to the carbon copy receipt to increase the total price to $168 and turned in the altered receipt for reimbursement. Several weeks later, she turned in the credit card receipt along with another reimbursement request for the $63. What type of expense reimbursement fraud did she commit
Answer:
all of the above
Explanation:
found it on quizlet
The following transactions occurred last year at Jogger Corporation: Issuance of shares of the company's own common stock $ 110,000 Dividends paid to the company's own shareholders $ 3,000 Sale of long-term investment $ 4,000 Interest paid to lenders $ 8,000 Retirement of the company's own bonds payable $ 100,000 Proceeds from sale of the company's used equipment $ 29,000 Purchase of new equipment $ 170,000 Based solely on the above information, the net cash provided by (used in) financing activities for the year on the statement of cash flows would be: Multiple Choice $(138,000) $7,000 $424,000 $(1,000)
Answer:
b. $7,000
Explanation:
Statement of Cash-flow from Financing activities
Particulars Amount
Issue common Stock $110,000
Dividend paid -$3,000
Retirement of bonds payable -$100,000
Net cash flow from financing activities $7,000
When using supply and demand to analyze trade, one can assume that the domestic market being small relative to the world market leads to: Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices an upward-sloping domestic supply curve. a horizontal world supply curve. a vertical domestic demand curve. a downward-sloping domestic demand curve.
Answer:
a horizontal world supply curve.
Explanation:
When the supply curve is horizontal, it means that supply is perfectly elastic.
Supply is perfectly elastic, if a small change in price leads to supply falling to zero.
