Which of the Following Is Correct

question 120

Multiple Choice

Which of the following is correct?
i.A surplus puts downward pressure on the price of a good.
ii.A shortage puts upward pressure on the price of a good.
iii.There is no surplus or shortage at equilibrium.

• A) i and ii
• B) i and iii
• C) ii and iii
• D) i, ii, and iii
• E) only iii

Acknowledge the importance of employee empowerment for the success of self-directed teams.

Understand the fundamental concepts and importance of financial planning in businesses.

Comprehend the role and components of pro forma statements within financial planning.

Recognize the common elements and tools used in financial planning models.

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Definitions:

Total Output

The complete quantity of goods or services produced in a specific time period by an economy or firm.

Labor Prices

The wages or compensation paid to employees for their labor or work performed.

Profit-maximizing Firm

A company that seeks to achieve the highest possible profit through its operations, focusing on revenue enhancement and cost reduction.

Units of Labor

Refers to the measurement of labor force involvement, typically in terms of person-hours or person-years.