Markets Use Prices to Allocate Resources,while Firms Use

question 15

Multiple Choice

Markets use prices to allocate resources,while firms use:

• A)cost-price ratios.
• B)managers.
• C)the board of directors.
• D)random decisions.

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Definitions:

Design Department

A division within a company responsible for conceptualizing and developing new products or systems.

Labor Hours

The total number of hours worked by employees during a certain period, often used to measure productivity or calculate wage costs.

Gaming Consoles

Dedicated electronic systems designed to play video games, typically connecting to a display device such as a television or monitor.

Decision Variable

A variable in mathematical modeling or decision making that is subject to choice within a set of possible values.