Marx Held That, Ultimately, the Price of a Good or Service

question 113

Multiple Choice

Marx held that, ultimately, the price of a good or service:

• A) equaled a return to labor plus a profit:
• B) was determined by the intersection of demand and supply.
• C) was determined by the competing interests in the marketplace.
• D) equaled wages minus surplus value.

Understand the purpose and components of human resource planning.

Identify and differentiate between the various strategies for managing labor shortages and surpluses.

Know the significance of recruitment policies, sources, and recruiter characteristics.

Recognize the impact of downsizing on organizations and employees.

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Definitions:

Receivables Period

The average time a business spends waiting for its customers to settle their dues.

Credit Sales

Sales for which payment is not received immediately, but the buyer is extended credit to pay at a later date, affecting a company's cash flow and revenue recognition.

COGS

Cost of Goods Sold, which refers to the direct costs attributable to the production of the goods sold by a company.

Effective Annual Interest Rate

The actual return on an investment or the real cost of a loan, accounting for the compounding of interest over a year.