Which of the Following Is a Major Disadvantage of Setting

question 47

Multiple Choice

Which of the following is a major disadvantage of setting the price of a good below equilibrium and using waiting in line rather than price to ration the good?

• A) Compared to price rationing, waiting in line is unfair since it is easier for those with higher incomes to wait in line.
• B) Waiting in line imposes a cost on the consumer; paying higher prices does not.
• C) Both waiting in line and higher prices are costly to consumers, but unlike the payment of a higher price, waiting in line does not provide suppliers with an incentive to expand future output.
• D) Waiting in line benefits consumers at the expense of producers.

Understand the anticipated longevity of cosmetic skin treatments.

Recognize various treatment methods for wrinkles and their procedural characteristics.

Understand the physiological responses of skin to environmental factors.

Identify common skin conditions and their causes.

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Definitions:

Direct Labor

The labor or work performed by employees who are directly involved in the production of goods or services.

Nonmanufacturing Cost

Expenses not directly tied to the production of goods, such as administrative, sales, and marketing costs.

Prime Costs

The combined direct costs of raw materials and labor that are directly involved in the production of a product.

Indirect Material

Materials used in the manufacturing process that are not directly incorporated into the final product, such as lubricants and cleaning supplies.