Which of the following is not an important characteristic of a private enterprise economy?
a. resources of production are owned
and controlled by individual
producers
b. individual consumers make decisions
about what will be purchased to satisfy
needs
c. government involvement in the
economy is relatively limited
d. businesses decide what to produce
based on what is best for society
as a whole

Which of the following is not an example of one of the four mail advantages of prices on a free market economy

M. cotteleer electronics supplies microcomputer circuitry to a company that incorporates microprocessors into refrigerators and other home appliances. one of the components has an annual demand of 235 units, and this is constant throughout the year. carrying cost is estimated to be $1.25 per unit per year, and the ordering (setup) cost is $21 per order. a) to minimize cost, how many units should be ordered each time an order is placed? b) how many orders per year are needed with the optimal policy? c) what is the average inventory if costs are minimized? d) suppose that the ordering cost is not $21, and cotteleer has been ordering 125 units each time an order is placed. for this order policy (of q = 125) to be optimal, determine what the ordering cost would have to be.

One pound of material is required for each finished unit. the inventory of materials at the end of each month should equal 20% of the following month's production needs. purchases of raw materials for february would be budgeted to be: