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Q:

The price elasticity of supply measures how 

Answer:



Q:

A market is said to be in equilibrium when

A) There is downward pressure on price B) The amount consumers wish to buy at the current price equals the amount producers wish to sell at that price
C) All buyers are able to find sellers willing to sell to them at the current price D) Supply equals demand
 
Answer & Explanation Answer: D) Supply equals demand

Explanation:

A market is said to be in equilibrium when market demand is equal to market Supply.

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Q:

The primary goal of a business firm is to

A) maximize profit B) increase its production
C) make a quality product D) promote workforce job satisfaction
 
Answer & Explanation Answer: A) maximize profit

Explanation:

The primary goal of a business firm is to maximize profit.

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1 110
Q:

The partnership form of business organization is

A) only two shares B) more than two shares
C) no share D) doesn't exist
 
Answer & Explanation Answer: B) more than two shares

Explanation:

A partnership is a form of business where two or more people share ownership.

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0 29
Q:

The Business Entity concept means that

Answer

The Business Entity concept is also called as Separate Entity or Economic Entity concept. This concept states that the transactions and all the balances related or associated with a business must be recorded or accounted separately from other businesses or the individual personal transactions.

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Q:

The factors that affect worker productivity include

A) expenditures for best practices training B) base pay increases
C) the size of incentive payments per non-defective pair D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:

The factors that affect worker productivity include the size of incentive payments per non-defective pair, base pay increases, how favorably a company's compensation package compares with the industry-average compensation package, and expenditures for best practices training.

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0 35
Q:

The ability of a corporation to obtain capital is

A) about the same as a partnership B) enhanced because of limited liability and ease of share transferability
C) restricted because of the limited life of the corporation D) less than a partnership
 
Answer & Explanation Answer: B) enhanced because of limited liability and ease of share transferability

Explanation:
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2 103
Q:

Which of the following does not motivate entrepreneurs?

A) Security B) Profit
C) Freedom D) Innovation
 
Answer & Explanation Answer: A) Security

Explanation:

Security in a business does not motivate entrepreneurs. An entrepreneurs primary motivation to start a business is to be independent.

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2 36
Q:

Equivalent units of production are equal to

A) number of whole units that could have been completed if all work of the period had been used to produce whole units B) identifiable units existing at the end of the period in a production department
C) units completed by a production department in the period D) number of units worked on during the period by a production department
 
Answer & Explanation Answer: A) number of whole units that could have been completed if all work of the period had been used to produce whole units

Explanation:

Equivalent units of production are equal to number of whole units that could have been completed if all work of the period had been used to produce whole units.

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