Carl Has Been Working as a Sales Executive with All

question 8

Multiple Choice

Carl has been working as a sales executive with All Fame Cosmetics Inc.for more than a year.His work has been appreciated by his seniors and he regularly meets his sales targets.However,he has not received any incentive or commission that was promised to him by his employer during his pre-employment interview.If Carl decides to file a case against All Fame Cosmetics,he has:

• A) a cause of action under whistle-blower protection.
• B) a cause of action for breach of implied contract.
• C) no recourse because he is an at-will employee.
• D) no recourse because the incentives were not mentioned in a written contract.

Grasp the concept of economies and diseconomies of scale and their implications on costs.

Comprehend the difference between the short run and the long run in production.

Calculate total revenue, total cost, and profit under different scenarios.

Distinguish between explicit and implicit costs and their relevance to economic and accounting profits.

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Definitions:

Consumer Surplus

The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.

Willing to Pay

The maximum price at which a consumer values a good or service enough to purchase it.

Producer Surplus

The difference between the amount producers are willing to receive for a good or service and the amount they actually receive, due to higher market prices.