Suppose That Over the Next Few Years the Demand for Dancing

question 256

Multiple Choice

Suppose that over the next few years the demand for dancing to country and western music decreases.Hence,at country and western dance clubs the equilibrium price of admission ________ and the equilibrium quantity of dancing ________.

• A) rises; increases
• B) rises; decreases
• C) falls; increases
• D) falls; decreases
• E) does not change; decreases

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Definitions:

Standard Costs

Predetermined or estimated costs used to measure the efficient use of resources in production.

Nonmanufacturing Settings

Environments or situations relating to business operations that do not involve the production of goods.

Standards

Established norms or requirements in various fields that act as a basis for comparison, quality measures, or regulations.

Principle Of Exceptions

A management principle emphasizing attention and resources on areas that deviate from the norm or expected results.