On 1 January Two Years' Ago, the Local Red Cross

question 5

Multiple Choice

On 1 January two years' ago, the local Red Cross affiliate acquired new blood-processing equipment costing $400 000. The equipment has an estimated useful life of 10 years and an estimated residual value of $50 000. After making all necessary calculations and entries on 31 December, what are the accumulated depreciation to date and carrying value of the equipment? (Assume that the straight-line method is used) Accumulated depreciation Carrying value as of
As of 31 December 31 December

• A) $70 000 $330 000
• B) $70 000 $280 000
• C) $35 000 $330 000
• D) $80 000 $320 000

Explain the role of entry and exit of firms in achieving long-run equilibrium in a perfectly competitive market.

Understand the relationship between prices, production costs, and supply in a perfectly competitive market.

Describe how changes in market conditions lead to adjustments in supply and demand in the long run.

Explain the efficiency of resource allocation in perfect competition and the conditions under which this occurs.

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Definitions:

Empowerment Increases

Empowerment Increases refer to the enhancement of individuals' or groups' ability to make choices, take effective actions, and influence outcomes within their roles or communities.

Autonomy

The degree of freedom an individual or entity has to make decisions independently, without external control.

Skill Variety

The degree to which a job requires a range of different activities and skills to carry out the work involved.

Job Enrichment

Enhancing a job by adding tasks that increase responsibility, autonomy, and opportunities to develop skills, thereby making the work more engaging.