Business Awareness Questions

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

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.

A major purpose of cost accounting is to measure, record and report product costs.

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

Product costs are also called Inventoriable Costs, since the product costs are used to value their goods in inventory.

A monopoly is a market that has a single seller of a unique product in the market. He does not have any competition in the market as he has no substitute product for the product he is selling.

A monopoly firm has no well-defined supply curve. In other words, there is no unique supply curve for the monopolist derived from his MC curve.