Leo, Owner of Leo's Bread Company, Recently Installed Excel 2010

question 13

Multiple Choice

Leo, owner of Leo's Bread Company, recently installed Excel 2010 and created a new workbook to track sales of different types of bread.He wants to determine which types of bread are the most popular among his customers.He is particularly interested in sales of rye bread, onion rolls, and bagels.Leo has formatted the sales numbers with the Accounting number format.Leo wants the sales numbers for rye bread, onion rolls, and bagels to look different each time the sales for each exceeds $500.What Excel feature can Leo use to accomplish this?

• A)Spell checker
• B)Conditional formatting
• C)Point mode
• D)Formulas version

Distinguish between constant-cost, increasing-cost, and decreasing-cost industries and their effects on long-run supply.

Recognize the conditions under which long-run equilibrium is achieved in a purely competitive market.

Grasp the concept of resource allocation efficiency in the context of marginal cost and price equality.

Understand the implications of changes in industry size on resource prices and production costs.

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Definitions:

Expanding Plant

The process of increasing the size or capacity of a manufacturing or production facility.

Product Price

The financial outlay necessary to acquire a certain item or service.

Competitive Firm

A business that operates in a market where it has multiple competitors, and no single firm can influence the market price of goods or services.

Short Run

A time period in economics where at least one input is fixed, restricting the ability to adjust production levels fully.