The Following Figure Shows the Demand Curve, D, and Supply

question 180

Multiple Choice

The following figure shows the demand curve, D, and supply curve, S, of ballpoint pens in Lithasia. The world price of pens is $2.

-Refer to the figure above.Which of the following statements is true?

• A) Buyers in Lithasia lost when the country engaged in free trade.
• B) Sellers in Lithasia gained when the country engaged in free trade.
• C) The nation gained as a whole by opening up to free trade.
• D) The nation lost as a whole by opening up to free trade.

Understand the systems approach to coordinating various human resource management activities.

Grasp the role of human resource management in facilitating organizational competitiveness and effectiveness.

Acknowledge the impact of outsourcing on organizational structure and functions.

Understand the legal and ethical considerations in human resource management, including discrimination and social responsibility.

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Definitions:

Consignor Ownership

Describes a situation where goods are given to another party (consignee) to sell, but the original party (consignor) retains ownership until the goods are sold.

Consignee

The party or entity that receives goods for sale, storage, or transfer but does not take ownership of those goods until they are sold.

LIFO Inventory Method

"Last-In, First-Out" is an accounting method for valuing inventory where the most recently produced items are recorded as sold first.

Physical Inventory

The process of counting all physical merchandise or stock in a business at a specific time to verify the quantities on hand.