If the two firms agree to act like a monopolist and split the market, they will each produce 150 units at a price of $50, creating a total of 300 units in the market. Which of the following statements is true?
If they each produce 150 units, each firm will earn revenue of $7,500.
If Firm A decides to increase production by 50 units under the assumption that Firm B will continue to produce 150 units, Firm A's revenue will be $8,000.
If both Firm A and Firm B increase production by 50 units, they will each earn revenue of $6,000.

Answers

Answer 1

The statement If they each produce 150 units, each firm will earn revenue of $7,500 is true. The correct option is a.

What does earning revenue mean?

Revenue earning means the money generated from normal business operations, calculated as the average sales price times the number of units sold. It is the top line or gross income figure from which costs are subtracted to determine net income.

Non-business entities such as governments, nonprofits, or individuals also report revenue, though calculations and sources for each differ.

There are different ways to calculate revenue, depending on the accounting method employed. Accrual accounting will include sales made on credit as revenue for goods or services delivered to the customer.

Revenue is also known as sales on the income statement.

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Related Questions

true or false: in the worlds of business and technology, the term smart grid is used to refer to the merging of different technologies and industries to form a newer, better product or process.

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It is true that in worlds of business and technology, term smart grid is used to refer to merging of different technologies and industries to form newer, better product or process.

What is a smart grid?

An electrical grid that uses a range of operational and energy-saving techniques is known as a smart grid. The smart grid has several key components, including electronic power conditioning and control of electricity production and delivery. European Technology Platform for Smart Grids is the umbrella organization for smart grid policies. Despite the term's customary focus on technical infrastructure, the roll-out of smart grid technologies also entails a fundamental re-engineering of the electricity services sector. The main challenges with smart grid technologies include smart meters, the products they enable, and general security concerns. Additionally, at times of peak power use, smart grids could monitor and control non-essential domestic gadgets, restoring their functionality when the demand is low.

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the information on the pro forma statement of cash flows contains information from multiple budgets.

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The estimated sum of cash inflows and expenditures anticipated in one or more future periods is known as pro forma cash flow.

What is Pro Forma Cash Flow?

Pro forma cash flow information is helpful for forecasting when there might be cash shortages soon, allowing management to get ready by securing extra debt or equity capital to make up for the anticipated shortfall. Another option is to make plans to cut costs in the future to prevent cash utilisation. This information can also be used to plan the most suitable investment strategy for the cash if the pro forma document projects that there will be excess cash. The income statement and balance sheet are also pro forma records, but pro forma cash flow is perhaps the most important one because the other forms become meaningless if there is insufficient cash predicted to be available to fund management's plans.

What are Issues Impacting Pro Form Cash Flow?

Projected days sales outstanding for customer receivables and estimated days to pay suppliers might also have an impact on the data included in the pro forma cash flow document. The pro forma findings might not be possible if these numbers deviate significantly from historical averages.

The accuracy of the pro forma document typically diminishes quickly over consecutive periods after being fairly accurate for the first few weeks of the projection. The document should be regularly updated with the most recent facts to increase its dependability. Additionally, the document has a better chance of being correct if the company has a steady order backlog and a considerably lower chance of being accurate if there is little knowledge about the sources of short-term sales.

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the covariance of the market's returns with the stock's returns is 0.008. the standard deviation of the market's returns is 0.08, and the standard deviation of the stock's returns is 0.11. what is the correlation coefficient of the returns of the stock and the returns of the market?

Answers

Correlation coefficient of the returns of the stock and the returns of the market is 0.008 / (0.08)(0.11) = 0.909.

A inventory is a popular time period used to explain the ownership certificates of any enterprise. A share, then again, refers back to the stock certificates of a selected business enterprise. Retaining a particular corporation's proportion makes you a shareholder. Description: stocks are of  sorts—not unusual and desired.

A shop or deliver accumulated or to be had. especially : the stock of products of a merchant or producer.

The perfect way to buy stocks is thru an online stockbroker. After opening and investment your account, you can purchase stocks thru the broker's internet site in a count of mins. Different options include the usage of a full-provider stockbroker, or buying inventory at once from the enterprise.

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Bill is a salesperson who relies on his current customers to help him identify potential new customers. In this scenario, Bill relies on _____ for lead generation.
referrals

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Bill is a salesperson who relies on his current customers to help him identify potential new customers. In this scenario, Bill relies on referrals for lead generation.

A sales representative, pretty certainly, sells products or services for a company and represents its logo. They manipulate relationships with clients, serving as the key factor of touch, from preliminary lead outreach to while a buyer is in the end made.

A sales activity is an occupation that involves selling a product or service to customers. Many groups depend upon salespeople to sell their services and products, so numerous unique income jobs are available to those who want to pursue a career in this area.

A  great sales clerk has more to provide customers than a thrilling pitch —they're enthusiastic people with resilience and they make the effort to get to understand their client's needs, show empathy, and deal with a product in confidence.

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during a period of falling costs of manufacturing, which of the following inventory cost methods would result in the greatest reported net income?

Answers

Therefore, the cost applied to goods sold under the LIFO method is the lowest if the most recent cost of inventory purchases is declining. A large net income results from a low cost of products sold.

What is net income?

In business and accounting, net income (also known as total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales) is an entity's income less costs of goods sold, expenses, depreciation and amortization, interest, and taxes for a given accounting period. The net growth in shareholders' equity as a result of a company's operations is calculated as the residual of all revenues and gains less all expenses and losses for the period. It's distinct from gross income, which just subtracts the cost of products sold from revenue. Net income is defined as (gross) income less taxes and other deductions for households and individuals (e.g. mandatory pension contributions).

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Why do firms... Why do firms outsource project work? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as Incorrect.) A different firm can do the work for lower cost. A different firm can use the outsourcing firm's people more effectively. 7 A different firm can do the work better. ? A different firm can do the work faster. The outsourcing firm has the technology and resources

Answers

The company that outsources has the necessary technology and resources. An alternative company may be able to do the task at a lesser cost. Another company may be able to do the task more effectively. A separate company may be able to make better use of the employees the outsourcing business provides.

What is outsourcing?

Generally, An arrangement known as outsourcing is formed when one business employs another company to be responsible for a planned or current activity that is being done or might be done internally. This may entail the transfer of workers and assets from one organization to another.

In the context of business, "outsourcing" refers to the practice of a firm using a third party to carry out some duties, manage certain operations, or provide certain services on behalf of the company.

When a company decides to purchase a product or service from a third-party supplier rather of doing the task internally, this practice is known as "outsourcing."

Outsourcing enables you to get more done as a small company and to entrust critical activities and procedures to specialists without having to actually extend your full-time crew in a substantial manner. This frees you up to focus on growing your business.

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strategy can be defined as: question 15 options: process whereby new and improved products, processes, materials, and services are developed and transferred to a new plant or market where they are appropriate the critical tools, methods, and systems employed in the creation of goods or in providing services a coordinated set of actions that fulfill the firms objectives, purposes, and goals the systematic gathering of information that leads to the generation of feasible alternatives for the firm.
an industrial integration view of the firm based on industrial organization economics.

Answers

Strategy can be defined as a coordinated set of actions that fulfill the firm's objectives, purposes, and goals.

A business's decisions and actions made to realize its wider vision collectively constitute its business strategy. Businesses can become market leaders in their industry by understanding what a business plan is and how to implement it effectively.

The value of a business strategy cannot be understated once operations have begun. Any leader who is not aware of its significance cannot guarantee the organization's long-term viability.

Around the world, there are numerous instances of prosperous businesses. While having a strong team and adequate funding have been key components in their success, there is one more element that guarantees that businesses accomplish their goals: a foolproof business strategy.

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the natural rate of unemployment includes a. both frictional and structural unemployment. b. neither frictional nor structural unemployment. c. structural but not frictional unemployment. d. frictional but not structural unemployment.

Answers

The natural rate of unemployment includes both the frictional and structuralunemployment. Thus option (a ) is correct.

What is Unemployment?

The Unemployment is a situation in which an abled-bodied person wants to do a work but unable to find a work at the prevailing wage rate.

A person must be an active member in the labour force and in search of remunerative work.

It is calculated by dividing the number of unemployed people by the number of people in the labor force.

The more unemployment in an economy shows less economic production and output.

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according to the assumptions of the quantity theory of money, if the money supply increases by 50 percent, then

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The correct reply is C. nominal GDP would be unchanged; actual GDP would upward jostle via 5 per cent.

What assumptions does the extent principle of cash make?

According to the volume theory of money, the commonplace charge degree of items and services is proportional to the money supply in an economy—assuming the level of actual output is constant and the velocity of money is constant.

What occurs to volume of money when cash provide increases?

Thus, according to the volume theory of money, when the Fed will increase the money supply, the cost of money falls and the price level increases.

according to the assumptions of the quantity theory of money, if the money supply increases by 50 percent, then

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According to the monetary approach of money's underlying assumptions, the nominal GDP would increase by 5% and the nominal GDP would remain unchanged if the money supply increased by 50%.

What is the nominal GDP?

Nominal GDP is the gross domestic product (GDP) which has not been adjusted for inflation. By reflecting the values of all the produced goods and services during the current reporting period, current price estimations of GDP are created.

What precisely is the money quantity theory?

According to the quantity theory of money, an economy's price level and money supply are directly correlated. The price level and the money supply are inversely correlated, meaning that they fluctuate proportionally when one occurs.

How much money is intended by the term?

The total amount of readily usable funds, including as cash, coins, and bank account balances, that are present in the economy at any given time is known as the money supply, or quantity of money. Key economic indicators including nominal gross domestic product (GDP) as well as price levels and the money supply occasionally show a close link.

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which of the following is a true statement? group of answer choices the more difficult the goal, the more likely military force is going to be needed to back up economic sanctions. because low tariffs have a high ratio of benefits to costs, they are an especially efficient way for nations to achieve full employment and growth. it seems likely that economic sanctions ultimately would have led to regime change in iraq. protection in the form of tariffs or quotas is a very efficient tool for job creation and preservation.

Answers

Of the four statements, the one that is correct is, option d, protection in the form of tariffs or quotas is a very efficient tool for job creation and preservation.

What is a protective tariff?

They are tariffs that are spread with the objective of preserving a national industry, fulfilling the objective of making imported goods cost more compared to equivalent goods produced in the country, which causes sales of goods produced in the country to increase, which supports local industry and employers in those industries.

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Term for the south that emphasized its economic dependence on a single staple product.

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Term for the south that emphasized its economic dependence on a single staple product.cotton kingdom.

Economic dependence is a situation in which the fee or the sales related to a given challenge are depending on the value or revenues generated by any other task.” “The concept is observed within companies, industries, or even the economies of different nations.”

We have identified the main causes of economic dependence as the ex-exploitation of a based financial system by capitalist economies, the lack of in-indigenous technological understanding, and the life of a political, social, and financial electricity shape favorable to the perpetuation of dependency.

Financial diversification is viewed as an extended-term strategy to high financial dependency on herbal assets. despite the fact that this diversification can take vicinity in every quarter of the economic system, economic dependency on natural sources may be decreased thru each personal region improvement and public sector reforms.

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Boaters World is expected to have per share FCFE in year 1 of $1.65, per share FCFE in year 2 of $1.97, and per share FCFE in year 3 of $2.54. After year 3, per share FCFE is expected to grow at the rate of 8% per year. An appropriate required return for the stock is 11.5%. The stock should be worth today $71.80 347.62 161.44
Previous question

Answers

The stock should be at $71.80 today.

P3 = $2.54 (1.08)/(.11 - .08) = $91.44; PV of P3 = $91.44/(1.11)3 = $66.8601; P0 = $4.94 + $66.86 = $71.80.

A stock market, fairness market, or share market is the aggregation of consumers and dealers of shares, which represent possession claims on businesses; these may include securities listed on a public stock.

Even though the stock marketplace produces volatile returns, it has long records of outpacing inflation in the long run.

The primary motive of the Wall avenue crash of 1929 turned into the long length of speculation that preceded it, at some point in which tens of millions of humans invested their financial savings or borrowed cash to buy shares, pushing charges to unsustainable ranges.

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some organizations use internal support departments to provide like services to several divisions or departments within an organization. which of the following would probably not lend itself as a support department

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Some organizations use internal support departments to provide like services to several divisions or departments within an organization. Inventory control not lend itself as a support department.

The practice of making sure there is the appropriate quantity available in an organization is known as inventory control, often referred to as stock control. By implementing the necessary internal and production controls, the practice guarantees that the business can satisfy client demand and provides financial flexibility.

To avoid bottlenecks, speed up procedures, pinpoint sluggish or out-of-date products, and even assist assess suppliers, inventory control connects the upstream operations of purchasing and production to the downstream activities of sales and product demand.

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which of the following must a mutual mistake involve in order for a mutual mistake to interfere with legal consent?

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A mutual error must involve a fundamental misunderstanding of the contract's subject matter, have a significant impact on the agreement, and have a negative impact on a party who did not agree to assume the risk of error when the agreement was made in order for it to interfere with legal consent.

A fundamental presumption relating to the subject matter of the contract, a negative impact on a party that did not consent to bear the risk of error at the time of the agreement, and a significant impact on the contract.

The definition of consent in Section 13 of the ICA is "when two parties entered into the contract there should agree upon the same thing in the same manner" and "there should be a meeting of minds between the two parties."

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stasia incurred a $20,000 nonbusiness bad debt last year. she also had an $18,000 long-term capital gain last year. her taxable income for last year was $25,000. During the current year, she unexpectedly collected $12,000 on the debt. How should Mary account for the collection? a. $0 income b. $8,000 income c. $11,000 income d. $12,000 income e. None of these

Answers

Option B $8,000. The tax benefit is the $8,000 offset which is to addition to income.

What Is a Net Operating Loss?

A Net Operating Loss is what happens when a taxpayer has more expenses than income in a given calendar year. In the US, the Net Operating Loss may be carried back two years to obtain a refund of previously paid taxes.

Calculation:

The bad debt can be used to offset the $8,000 in long-term capital gains since it is viewed like a short-term capital loss.The $15,000 NOL can be used to offset the $12,000 in ordinary income, but it can only be used once, therefore $3,000 cannot be carried forward.Therefore, the $8,000 offset that is added to income constitutes the tax benefit.

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which of the following phrases might be useful in writing the purpose statement for your formal report? check all that apply.

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The following expressions could be used in your formal report's purpose statement: "The research team establishes" We determine, This report looks into.

Formal reports are summaries of all the facts, information, and analysis needed to make business choices. Typically, this report's goal is to offer a solution to the issue. Examples of formal reports are inspection reports and security reports.

There are two categories of formal reports: reference reports and analytical reports. Intelligence reports gather information and proof and utilise it to guide judgement. The material in information reports is also included in analysis reports, along with suggestions for problem-solving. The purpose statement specifies the goal and range of the report. The reader is made aware of the work's specific focus and what to anticipate from it.

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the fixed price in an option contract at which the owner can buy or sell the underlying asset is called the option's:

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An option contract is that grants the option holder the right to buy or sell the underlying asset at a certain price at a specific date (sometimes referred to as the expiration date or maturity date) (known as strike price or exercise price).

Contracts between a buyer and a seller called options grant the buyer the right to purchase or sell a certain asset at a later time (expiration date) and a predetermined price (strike price). They are frequently employed in deals involving commodities, real estate, and securities.

It pays the upfront fee to concur. The buyer of a call option gains from an increase in price but faces little danger of losing money if the price falls because he can only stand to lose the option premium. In a similar vein, the put option

Buyer gains from a price reduction but faces little danger of losing money if the price rises. In other words, they keep the upside potential limitless while limiting the investor's exposure to the negative.

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you are the second senior emt to arrive at the scene of a building collapse with reports of many injured tenants. your immediate role is to assume the position of:

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You are the second senior emt to arrive at the scene of a building collapse with reports of many injured tenants, your immediate role is to assume the position of: Incident manager

What do Incident Managers do?

The Incident Manager's job is to respond to incidents as they occur and take the necessary steps to restore service and get your business back to normal operations as quickly as possible. Incident managers are IT staff who interact with employees, suppliers, and customers when they are stuck and need help.

What is Incident Manager?

Incident management is the process of managing IT service disruptions and restoring service within agreed service level agreements (SLAs). The scope of incident management begins with an end user reporting a problem and ends with a service desk team member resolving that problem.

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To overcome the potential shortcomings of single-year decision making metrics, many investors in real estate also perform multiyear discounted cash flow (DCF) valuation. DCF valuation differs from the single-year ratio analysis in all of the following ways EXCEPT:A. Only with DCF must the investor estimate an appropriate investment horizon accounting for how long they will hold the property.B. Only with DCF must the investor select the appropriate yield at which to discount all expected future cash flows.C. Only with DCF must the investor make explicit forecasts of the property's net operating income for each year in the expected holding period.D. Only with DCF must the investor use a defensible cash flow estimate that incorporates appropriate measures of income and expenses, comparable properties and social/legal environment conditions

Answers

Option D. Only with DCF must the investor use a defensible cash flow estimates that incorporates appropriate measures of income and expenses. Option d is the correct option of the given statement.

In decision-making, what does a metric mean?

In addition to offering direction regarding time, money, and resources, the metrics are also used to assess each team member's strengths, weaknesses, and skills and to inspire the QA team to work as efficiently as possible. Metrics also aid in our comprehension of process issues and client expectations.

Why is decision-making so important?

Decision-making is crucial since it enables you to select from a variety of possibilities. Gathering all relevant data and weighing its benefits and drawbacks are necessary steps before reaching a decision. In order to make the best judgments, it is essential to concentrate on the actions that can assist.

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If the tax rate on homes in topeka, kansas is 1. 8 percent of their value and bonnie owns a $100,000 house, how much will the real estate taxes add to her monthly mortgage payment?.

Answers

The real estate taxes would add $150 to Bonnie’s monthly mortgage.

How to calculate real estate tax?

To find the amount of real estate tax that will be added to Bonnie’s monthly mortgage, annual real estate tax rate and the value of house should be considered.

Total value of Bonnie’s house = $100,000

Real estate tax per annum = 1.8% (i.e. 1.8/100 = 0.018)

To calculate real estate tax per month, multiply the value of house with the annual real estate tax and divide by 12 months.

Annual tax = 100,000 x 0.018 /12 = $150 per month.

Therefore, Bonnie will have to pay $150 as real estate tax each month.

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everything else equal, which will have a larger effect on aggregate demand and gdp: a $100 million reduction in taxes or a $100 million increase in government spending?

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Everything else equal the increase in government spending-the tax cut will cause an initial increase in consumption spending of less than $100 million.

An organized community is governed by a system or group of people, typically a state. Government typically consists of the legislative, executive, and judicial branches in the case of its broad associative definition. Government is a mechanism for making policy decisions as well as a way to enforce organizational policies.

A declaration of the government's guiding principles and philosophy is the equivalent of a kind of constitution in many nations. The term "government" is frequently used more specifically to refer to the roughly 200 independent national governments and subsidiary organizations, even though all organizations have governance.

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why do people tend to eat more at all-you-can-eat buffet restaurants than at restaurants where each item is purchased separately

Answers

Customers feel the need to eat more food because the food at all-you-can-eat establishments frequently has less calories. Consumers perceive further excursions back to the buffet restaurants  as costing nothing once the all-you-can-eat meal has been purchased.

Restaurants are what?

The word restaurant derives from the French word restaurer, which means "to revive oneself." Supposedly health food stores with bouillon as their main dish, the first authentic French restaurants were founded generations before the Revolution of 1789. Customers can order and receive food and beverages at a restaurant, which is a place of business. Usually, meals are made and eaten on the spot, but a lot of restaurants now offer take-out and delivery services. Restaurants historically have had an impact on social interactions and satisfied a human need for connection beyond simply providing food and beverages.

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What is one of the main differences between a bank and a credit union ?.

Answers

Banks are for-profit businesses that distribute earnings to their shareholders, but credit unions are managed by its members. This is the primary distinction between banks and credit unions.

Explain about the credit unions?

Credit unions offer a wide range of other financial services in addition to accepting deposits and making loans, much like banks do. Credit unions, however, offer a secure place to save and borrow at fair rates because they are member-owned and cooperative institutions.

There are typically fewer branches for credit unions than for regular banks. If your credit union is not a part of a shared branch network and/or a sizable ATM network like All point or Money Pass, it may not be convenient for you to use one near your place of residence or employment. may have fewer goods and services available.

Credit unions often provide their members with lower fees, greater savings rates, and a more individualized level of customer service.

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What economic system in which private citizens own and use resources to make a profit?.

Answers

An economic system permits people to form their own economic choices, while not interference with the govt. The economy could be a personal profit-potential business system.

A financial set-up within which camera in hand businesses have the liberty to control for a profit with restricted government intervention. Economics and form of government within which factors of production square measure jointly in hand and directed by the state; supported an on-paper egalitarian society within which everybody works for the commonweal.

It is a capitalist financial set-up wherever the production of products and services is driven by buyer practices. In command economic systems, governments and centralized powers manage a lot of the economic processes, as well as allocate and distribute resources, products, and services.

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Megan contracts to sell Nonny her horse for $4,000. This contract will be fully discharged when Megan and Nonny
A. agree that the deal is fair
B. execute a bill of sale
C. sign a receipt
D. exchange the horse for the money

Answers

Megan contracts to sell Nonny her horse for $4,000. This contract will be fully discharged when Megan and Nonny exchange the horse for the money. Thus, option (d) is correct.

What is money?

The term “money” refers to the exchange of goods and services. The currency is the currency of the country. Different countries have different currencies. Usually, money looks like paper notes and coins.

According to the contract are the based on the money to Megan sell the horse for $4,000 to Nonny. Megan and Nonny are in the contract to exchange the horse for the money.

Therefore, option (d) is correct.

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Which of the following is true of all structured interviews? A set of standardized questions are asked of all job applicants. Questions are designed to address all of the Big Five personality traits. Each candidate appears before a panel of interviewers. All candidates meet with the same interviewer.

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A set of standardized questions is asked of all job applicants  is true of all structured interviews

An evaluation technique called a structured interview asks candidates about their past behaviour and/or planned behaviour in hypothetical settings in order to assess their job-related competencies. In general, structured interviews make sure candidates are evaluated fairly and consistently and have equal opportunity to share information.

In a structured interview, the interviewer proceeds to ask the interviewee certain questions in a predetermined sequence. The interviewer compiles the candidate's responses and evaluates them using a score formula.

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martin, inc.'s charter authorizes 50,000 shares of stock with a par value of $1 per share. 1,000 shares of stock are issued at a market value of $5 per share. this means that the shares of stock are issued at a (premium/discount) .

Answers

The shares were issued at a market value of $5 per share. This means that the shares of stock are issued at a Premium.

When are shares issued at premium?

When a share is issued at premium, it means that it is issued at a market price that is more than its par value. The par value of the shares for Martin Inc was $ 1 and yet the shares were issued at a market price of $ 5.

This means that the shares of Martin Inc. were issued at a premium price. The premium on these shares can be found to be:

= Market price of shares - par value

= 5 - 1

= $4

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which of the following is an appropriate action for a supervisor to take in respect to unionization activities?

Answers

Sharing personal experiences about union involvement is an appropriate action for a supervisor to take with respect to unionization activities.

A trade union (labor union in American English), often truly known as a union, is a business enterprise of workers' purpose of "maintaining or enhancing the situations in their employment", inclusive of accomplishing higher wages and advantages (along with excursion, health care, and retirement), enhancing working conditions, improving protection requirements, establishing grievance procedures, developing regulations governing fame of personnel (policies governing promotions, just-purpose situations for termination) and shielding the integrity of their change via the multiplied bargaining electricity wielded by unity among people.

Trade unions generally fund their head office and prison crew features through frequently imposed costs known as union dues. The delegate staff of the change union illustration within the group of workers are generally made in place of job volunteers who're regularly appointed via individuals in democratic elections.

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which of the following serve as a central contact point where critical comments, dilemmas, and advice can be assigned to the person most appropriate for handling a specific case?

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Hotlines  serve as a central contact point where critical comments, dilemmas, and advice customer can be assigned to the person most appropriate for handling a specific case.

A hotline is a phone number that members of the public can call to inquire about a certain topic with an organisation. People can call hotlines to get information from organisations or to provide them information. The telephone service facility that we provide for the purpose of providing Services and related information is referred to as the customer service hotline. An anonymous and confidential reporting hotline gives employees of a company a way to report improper behaviour.

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xpo Center Inc. and Festival Music LLC have an executory contract. They agree to rescind it and simultaneously enter into a new contract. If the previous contract was subject to a preexisting duty, the new contract will most likely be
a.invalid.b.valid.c.voidable.d.enforceable

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An executory agreement exists between Festival Music LLC and Expo Center Inc. They consent to cancel it and sign a new agreement at the same time. The new contract will probably be invalid if the earlier one was subject to a preceding responsibility.

The promise may be prevented from contesting the legality of the contract if the promisee can prove that they properly relied on the promise. Under the law of fraud, agreements that are made in writing and include the signatures of all parties are regarded as valid.

The majority of nations have laws that forbid minors under the age of 18 from signing legally binding contracts. A minor who enters into a contractual contract has the legal right to choose whether or not to abide by its conditions. There are, however, a disproportionately large number of severe cases.

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