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Homework answers / question archive / Given that a product is sold in a competitive market and the product is not a basic necessity, its price and demand are likely: a

Given that a product is sold in a competitive market and the product is not a basic necessity, its price and demand are likely: a

Accounting

Given that a product is sold in a competitive market and the product is not a basic necessity, its price and demand are likely:

a. Independent

b. Dependent

c. It depends on how many competitors there are.

d. There is not enough information provided to determine this.

5 Which of the following criteria can be considered in economic decision making?

a. Maximize Profits

b. Minimize Costs

c. Minimize the time required to meet objectives

d. Minimize environmental impacts

e. Maximize quality and safety

f. Only a. and b.

g. All of these can be considered economic decision making criteria.

6 Variable costs are those that vary with respect to:

a. Price Charged

b. Volume or Demand

c. Interest Rate Used

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