abc insurance company sells auto insurance in one state. recently, the state legislature passed a law that limits the use of an individual's credit history by insurers when selecting applicants to insure. this change in law will increase the possibility of unprofitable results for abc. this type of hazard is an example of
Answers
The type of hazard that ABC Insurance Company is experiencing is a legal hazard because of the change in the legal environment brought about by the new law passed by the state legislature.
A legal hazard is a type of hazard that is caused by changes in the legal environment of a business that may result in lawsuits, increased legal costs, and regulatory penalties. In this case, the state legislature passed a law that limits the use of an individual's credit history by insurers when selecting applicants to insure.
This change in law will increase the possibility of unprofitable results for ABC since they would no longer be able to rely on credit scores to determine who is a high-risk or low-risk driver.
Insurance companies rely on credit scores as one of the factors that they use to calculate premiums. Lower credit scores usually translate to higher premiums since insurance companies consider them as high-risk drivers. However, with this change in law, insurance companies would have to find new ways to determine who is a high-risk driver, which can be costly for ABC Insurance Company.
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Related Questions
Where do you like to go when you eat out? Do you like to cook? Could you live without internet? Whats your most memorable birthday? What would your perfect day be like?
Answers
Lots of places, I don't really know, Yes, all of them, I don't know
on which input screen will the tax professional fill out information to show the value of all types of iras at the end of the tax year?
Form 1099-R.
Form 8606.
Form 1040 pg 1.
Schedule 1.
Answers
The correct answer is Form 1099-R and Form 8606. input screen will the tax professional fill out information to show the value of all types of iras at the end of the tax year.
The sum that is not reimbursed in this situation is regarded as a distribution and is often recorded on Form 1099-R with the distribution code L. These distributions are considered to be taxable income and might incur early distribution fees. For each individual to whom you have specified a distribution or are deemed to have designated a distribution of $10 or more from profit-sharing or retirement programmes, complete Form 1099-R. Any particular retirement plans (IRAs). Plans for survivor income benefits, annuities, and pensions. Retirement plan distributions are reported on a 1099-R tax form; this income may be subject to federal income tax.
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Form 1099-R and Form 8606 is used on which input screen will the tax professional fill out information to show the value of all types of iras at the end of the tax year.
Hence, Option A and B are correct.
What do you mean by this tax professional process?
In this case, the amount that isn't repaid is viewed as a distribution and is frequently reported on Form 1099-R with the distribution code L. These distributions could be subject to early distribution penalties because they are regarded as taxable income. Fill out Form 1099-R for each person to whom you have directed a distribution of $10 or more from a profit-sharing or retirement program, or are presumed to have done so. Any specific retirement strategies (IRAs). Plans for pensions, annuities, and survivor income benefits. Distributions from retirement plans are reported on a 1099-R tax form; there may be federal income tax due on this income.To learn more about Form 1099-R here
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1. What is the annual percentage rate (APR) for this credit card?
2. For cash advances what is the APR?
3. What three things would move the APR for the balance on this credit card to 28.99%?
4. What is the annual fee that customers are charged for holding this credit card?
5. If you decided to transfer the balance from another credit card to this credit card, what would be the fee charged?
a. What would be the APR charged for the transferred balance?
6. What is the fee for a cash advance?
7. If you use this credit card in a foreign country, what would be the fee on each transaction you made in the foreign country?
8. If you are late on making a payment, what would be the fee charged?
9. What would be the fee charged if you went over your credit limit?
Answers
Answer:
1. For purchases, the APR during an introductory period is either 8.99% or 10.99% or 12.99% depending on creditworthiness. After the introductory period the APR is 14.99%
2. Cash advance monthly rate changes based on what the Prime Rate is that month + 14.99% so if the prime rate is 3, add 14.99 to that so 17.99% of the amount received in cash. So if you take $200 cash advance, the amount charged at 17.99% would be 0.1799 x 200 =$35.98.
3. If the card holder does any of the following: makes a late payment, goes over their stated credit limit, make an account payment that is returned, or commit the afore mentioned acts on another account held by this same creditor the APR is then increased to 28.99%.
4. The annual fee charged for the credit card is $20.
5. The fee for a balance transfer is Either $5 or 3% of the amount that is transferred or $100 (whichever is greater) to this card from another account.
a. The APR charged for a balance transfer is 15.99%, but would vary based on the market Prime Rate.
6. Fee for cash advance is $5 or 3% of the amount of cash advance taken - whichever amount is largest.
7. 2% of the amount charged (in US dollars) in a transaction.
8. A late fee of $25 will be charged on an account with a balance of $999 or less. If the account balance if over $1000 the late fee of $35 will be charged and the APR will increase to 28.99%.
9. A fee of $29 is charged for accounts that exceed the credit limit in addition to an APR increase to 28.99%
Explanation: explanations are with the answers listed above.
When events generated by a random process have deviated from the population average in a short run, individuals may erroneously believe that the opposite deviation becomes more likely. This summarizes the _____.Answers:illusion of controlgambler's fallacyswitching and double switchinginherent memory bias
Answers
When events generated by a random process have deviated from the population average in a short run, individuals may erroneously believe that the opposite deviation becomes more likely. This summarizes the Gambler’s fallacy.
This fallacy is a false belief that events in the past will influence events in the future, even though they are independent of each other.
Also known as Monte Carlo fallacy, it is a belief in the influence of a sequence of events independent of each other. This fallacy occurs when someone believes that because a particular event has occurred sequentially over some time, an opposite or alternate event will happen soon.
It is a logical fallacy in which an individual believes that any past event will influence the outcome of any future event.
It is important to emphasize that this fallacy does not apply when the probability of different events is not independent.
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What is something that will not help you get a higher credit limit?
A: Paying off the balance of the credit card each month
B: Asking the banking company for a higher limit on your credit card
C: Maxing out the credit card and only making the minimum payment each month
D: Making more money at your job (More personal income)
Answers
Maxing out the credit card and only making the minimum payment each month is something that will not help you get a higher credit limit. A credit limit is the most money you are permitted to spend on a credit card or line of credit by a lender.
If a credit card company grants you a credit limit of $2,500, that is the most you may ever have charged to the card payment . If you charge $1,900 to your card, you will have $600 left over that you can use without paying a fee or being restricted from using the card limit further.
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just say sum and ill give you alot of points⇒⇒⇒⇒
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To ensure efficient, clear, communication, the national incident management system characteristics recommended the use of:Possible Answers:a.Common terminologyb.Incident Objectivesc.Logisticsd.Planning
Answers
To provide effective, clear communication, standard or common vocabulary must be used. ICS mandates the use of Common terminology, which includes standardized names for organizational locations and positions.
All levels of government, nongovernmental groups, and the corporate sector are guided by the National Incident Management System (NIMS) to collaborate in order to avoid, protect against, mitigate, respond to, and recover from incidents.
In order to properly deliver the capabilities outlined in the National Preparedness System, NIMS enables stakeholders from across the whole community to have a shared vocabulary, systems, and processes. The operational systems that describe how personnel collaborates during incidents are defined by NIMS.
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Write H if the resource is a human resource, and NH if it is a nonhuman resource. 1.Machines
2.Tools
3.Workers
4.Land
5.Water
6.Capital
7.Labor force
8.Time
9.Entrepreneur
10.Process
Answers
1.H
2.H
3.NH
4.NH
5.H
6.NH
7.H
8.NH
9.H
10.H
________ processes span an organization and support activities in multiple departments.
Answers
Answer:
Enterprise processes span an organization and support activities in multiple departments.
Individuals who fail to complete high school are at an increased risk for
1. Unemployment
2. Underemployment
3. Imprisonment
4. All of the above
Answers
Answer:
unemployment!
based on your analysis, what recommendations would you make to giacomo salvetti?
Answers
Based on my analysis, I would recommend that Giacomo Salvetti take the following steps: key challenges facing his business, develop a clear and focused strategy, Monitor his progress regularly.
1.Identify the key challenges facing his business, such as competition from other companies or changes in the market.
2. Develop a clear and focused strategy for addressing these challenges, including setting specific goals and timelines for achieving them.
3. Invest in the necessary resources, such as hiring new employees or purchasing new equipment, to support his strategy and achieve his goals.
4. Monitor his progress regularly and make adjustments as needed to stay on track and achieve his objectives.
5. Seek out opportunities to collaborate with other businesses or organizations to expand his reach and increase his chances of success.
By following these recommendations, Giacomo Salvetti can position his business for long-term success and achieve his goals.
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an account planner is planning their company's online advertising budget on a monthly basis. they choose ads performance planner for help accomplishing this task. which two advantages does performance planner offer? (choose two.)
Answers
The correct response is d. Leverage of machine learning for forecasting.
In essence, forecasting enables a corporation to examine past trends along with their present position and predict a future. In order to predict sales, budgets, and other things, you can use business forecasting tools. You can define and achieve goals by having a clear view of the potential of your company using data and industry trends. In marketing and sales, strategic forecasting is the process of predicting future demand and sales growth using benchmarks, historical data, and other information and considerations. Click Forecast Sheet in the Forecast group, which is located on the Data tab. Choose a line chart or a column chart from the Create Forecast Worksheet box to show the forecast visually. Select a conclusion by clicking Create after selecting a date in the Forecast End box.
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Studies of liquidity spreads in security markets have shown that
A. illiquid stocks earn higher returns than liquid stocks.
B. both liquid and illiquid stocks earn the same returns.
C. illiquid stocks are good investments for frequent, short-term traders.
D. liquid stocks earn higher returns than illiquid stocks.
Answers
Studies of liquidity spreads in security markets have shown that illiquid stocks earn higher returns than liquid stocks, option A.
When we talk about liquidity spreads, we refer to the difference between the bid and ask prices of a security. This spread represents the cost of trading the security, as it reflects the price at which sellers are willing to sell (ask price) and the price at which buyers are willing to buy (bid price). Higher liquidity spreads indicate higher trading costs. Traditionally, it has been observed that illiquid stocks, which have wider bid-ask spreads and higher trading costs, tend to exhibit higher returns compared to liquid stocks.
It is important to note that while studies have found a positive relationship between illiquidity and returns, this relationship may not hold in all cases or in all markets. Market conditions, investor preferences, and other factors can influence the relationship between liquidity spreads and returns.
Therefore, the correct option is A. illiquid stocks earn higher returns than liquid stocks.
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Assume that projected revenue for 2018 is 1,231,414. also assume the following projected 2018 costs in each of the cost categories from question one: packaged (cans & bottles) $122,939 kegs $73,637 shrinkage/wip loss $42,000 contract labor $9,000 direct labor $240,000 inbound freight $18,000 consumer advertising $30,000 trade promotion $30,000 sales promotion $18,000 salaries & benefits $180,000 given these costs, compute shannon's projected contribution margin in dollars.
Answers
Shannon's projected contribution margin for 2018 is $486,838.
To compute Shannon's projected contribution margin in dollars, we need to subtract the total projected costs from the projected revenue.
Projected revenue for 2018: $1,231,414
Projected costs:
Packaged (cans & bottles): $122,939
Kegs: $73,637
Shrinkage/WIP loss: $42,000
Contract labor: $9,000
Direct labor: $240,000
Inbound freight: $18,000
Consumer advertising: $30,000
Trade promotion: $30,000
Sales promotion: $18,000
Salaries & benefits: $180,000
Total projected costs = $122,939 + $73,637 + $42,000 + $9,000 + $240,000 + $18,000 + $30,000 + $30,000 + $18,000 + $180,000 = $744,576
Projected contribution margin = Projected revenue - Total projected costs
= $1,231,414 - $744,576
= $486,838
So, Shannon's projected contribution margin for 2018 is $486,838. This represents the amount of revenue that remains after subtracting all the variable and fixed costs associated with producing and selling the product. It is the amount that can be used to cover fixed expenses and contribute towards profit.
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18. Would you expect, in some cases, to see only an income effect or only a substitution effect? Explain.19. Which is larger, the income effect or the substitution effect
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The _____ dichotomy is a set of environment-oriented cultural values that determines whether a culture appreciates or considers reckless the people who endanger their status or wealth on a new venture.
a - risk taking/security
b - competitive/cooperative
c - religious/secular
d - hard work/leisure
Answers
The risk-taking/security dichotomy is a set of environment-oriented cultural values that determines whether a culture appreciates or considers reckless the people who endanger their status or wealth on a new venture. The correct option is (a).
Risk-taking cultures usually value risk-taking and appreciate those who are willing to take risks to achieve their goals. On the other hand, security cultures prefer to avoid risk and value stability and predictability.The risk-taking/security dichotomy is related to cultural values and beliefs that shape attitudes towards risk and uncertainty.
Risk-taking cultures are more likely to value innovation, creativity, and entrepreneurship, while security cultures are more likely to value stability, tradition, and social harmony. Both types of cultures have their advantages and disadvantages, and neither is inherently better than the other.
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Which action would a government most likely take to reduce its
unemployment rate?
A. Use tax money to hire workers for government projects
B. Cut taxes on businesses that operate with very few workers
C. Increase taxes on businesses that operate outside the country
D. Cut off loans to businesses in order to reduce the money supply
SUBMIT
Answers
The unemployment rate is the unemployed divided by the sum of employed and unemployed, in order to reduce it the government can hire workers for a new project by using tax money.
What is the unemployment rate?It is the rate of unemployment calculated by the number of people unemployed to the total number of people employed and unemployed multiplied by 100.
In order to reduce it, the government can hire workers for a new project by using tax money
Therefore, option A can help in the reduction of the unemployment rate.
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What is the purpose of the personal financial planning units within a bank? (select all that arwhelp people manage their moneyu provides comprehensive training to bank employeesincrease bank profitsmacustomer retention
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Nico bought 100 shares of Cisco Systems stock for $24.00 per share on January 1, 2002. He received a dividend of $2.00 per share at the end of 2002 and $3.00 per share at the end of 2003. At the end of 2004, Nico collected a dividend of $4.00 per share and sold his stock for $18.00 per share. What was Nico's realized return during the three year holding period? What was Nico's compound annual rate of
Answers
Answer:
12.5%
Explanation:
It is given that :
Nico bought shares from Cisco Systems = 100 shares
The stock of 100 shares on 1st Jan 2002 = $ 24 per share
At the end of 2002, Nico received a dividend = $ 2 per share
At the end of 2003, Nico received a dividend = $ 3 per share
At the end of 2004, Nico received a dividend = $ 4 per share
Nico sold his stock = $ 18 per share
Therefore,
The holding period \($=\frac{(\text{dividend + end value - initial value })}{\text{initial value}}$\)
\($=\frac{(\$2+\$3+\$4)+\$18-\$24}{\$ \ 24}$\)
\($= 12.5 \%$\)
Below are the ages and salaries (in thousands of dollars) for CEOs of small companies. Round your answers to the nearest tenth, if necessary.
CEO Age Salary
1 53 145
2 43 621
3 33 262
4 45 208
5 46 362
6 55 424
7 37 300
8 41 339
9 55 736
10 36 291
11 45 58
12 55 498
13 50 643
14 49 390
15 47 332
16 69 750
(a) Find the mean CEO age.
(b) Find the median CEO age.
(c) Find the mean CEO salary.
(d) Find the median CEO salary.
(e) Are the salaries skewed right, skewed left, or approximately symmetric?
Answers
(a) The mean CEO age is 51.1 years.
(b) The median CEO age is 45.5 years.
(c) The mean CEO salary is $402.1 thousand.
(d) The median CEO salary is $350.5 thousand.
(e) The salaries are skewed right.
How are CEO ages and salaries analyzed?To analyze the CEO ages and salaries we have to find the mean (average), add up all the values and divide by the total number of values.
(a) Mean CEO age:
Sum of ages = 53 + 43 + 33 + 45 + 46 + 55 + 37 + 41 + 55 + 36 + 45 + 55 + 50 + 49 + 47 + 69 = 817
Number of CEOs = 16
Mean CEO age = 817 / 16 = 51.1 (rounded to the nearest tenth)
(b) To find the median, arrange the ages in ascending order and find the middle value. If there is an even number of values, find the average of the two middle values.
Arranging the ages in ascending order: 33, 36, 37, 41, 43, 45, 45, 46, 47, 49, 50, 53, 55, 55, 69.
Median CEO age: There are 16 CEOs, so the median is the average of the 8th and 9th values.
Median CEO age = (45 + 46) / 2 = 45.5
(c) Mean CEO salary:
Sum of salaries = 145 + 621 + 262 + 208 + 362 + 424 + 300 + 339 + 736 + 291 + 58 + 498 + 643 + 390 + 332 + 750 = 6433
Number of CEOs = 16
Mean CEO salary = 6433 / 16 = 402.1 (rounded to the nearest tenth)
(d) To find the median salary, arrange the salaries in ascending order and find the middle value. If there is an even number of values, find the average of the two middle values.
Arranging the salaries in ascending order: 58, 145, 208, 262, 291, 300, 332, 339, 362, 390, 424, 498, 621, 643, 736, 750.
Median CEO salary: There are 16 CEOs, so the median is the average of the 8th and 9th values.
Median CEO salary = (339 + 362) / 2 = 350.5
(e) To determine if the salaries are skewed right, skewed left, or approximately symmetric, we can compare the mean and median. If the mean is greater than the median, it indicates a right skew (positive skew), while if the mean is less than the median, it indicates a left skew (negative skew). If the mean and median are close, it suggests a symmetric distribution.
Comparing the mean CEO salary (402.1) and the median CEO salary (350.5), we can see that the mean is greater than the median. Therefore, the salaries are skewed right.
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Identify the problem by analyzing the given scenario. An IT software company is losing market share because it fails to launch new products in a timely manner. Decisions are centralized at the top, and employees have little or no voice. One way to solve this problem is to use teams to eliminate ____ in the company.
Answers
Explanation:
to eliminate their best efforts in the company
Answer:
"bureaucratic barriers"
Explanation:
i got it right on plato
Explain,using PED,why a company might introduce a policy of raising travel fares at peak times and lowering travel fares at non peak time ?
Answers
Using Price Elasticity of demand or (PED) a company might introduce a policy of raising travel fares at peak times because :-
Understanding the 'elasticity of demand' that is pertinent in this situation. Applying price elasticity of demand demonstrates the relationship between the impact of raising fares during busy periods and changes in total revenue, as well as the impact of reducing fares during less busy periods and changes in total revenue.
The quantity demanded of a good or service divided by the percentage change in price is the price elasticity of demand. The percentage change in quantity supplied divided by the percentage change in price represents the price elasticity of supply.To learn more about Price Elasticity of demand, click the links
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Leo Co. uses the allowance method to account for bad debts. At the end of the year, Leo Co.'s accounts receivable balance is $25,000; allowance for doubtful accounts balance of $100 (credit); and sales of $500,000. Based on history, Leo estimates that bad debts will be 2% of accounts receivable. The entry to record estimated bad debts will include a debit to Bad Debts Expense in the amount of:
Answers
The bad debts expense for the year to be debited will be $600.
Adjusted balance of the Allowance for Doubtful Accounts = Accounts receivable * 2%
Adjusted balance of the Allowance for Doubtful Accounts = $25,000 x 2%
Adjusted balance of the Allowance for Doubtful Accounts = $500
Unadjusted balance of the Allowance for Doubtful Accounts = $100
Amount of bad debt expenses = Adjusted balance of the Allowance for Doubtful Accounts + Unadjusted balance of the Allowance for Doubtful Accounts
Amount of bad debt expenses = $500 + $100
Amount of bad debt expenses = $600
Therefore, the bad debts expense for the year to be debited will be $600.
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Answer:$400
Explanation:
As a level in the strategy-making hierarchy, corporate strategy Multiple choice question. is a broad plan for managing all businesses in a multibusiness company. is focused on achieving certain objectives in a single business owned by a multibusiness company. is developed by functional unit managers and operating managers. is a collection of strategic initiatives and actions devised by managers up and down the hierarchy.
Answers
Answer:
is a broad plan for managing all businesses in a multibusiness company.
Explanation:
A strategy can be defined as a set of guiding principles, actions and decisions that an organization combines so as to achieve its business goals, attract customers and possess a competitive advantage over its rivals in the industry.
Generally, a business strategy or strategic plan sets the overall direction for an organization or business because it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan.
As a level in the strategy-making hierarchy, corporate strategy is a broad clearly defined, long-term plan and vision established by business firms or organizations for managing all businesses in a multibusiness company i.e a company having numerous businesses in different locations.
The main purpose and importance of a corporate strategy is to create corporate value for a multibusiness company and motivate the employees to achieve set goals and objectives.
The production era marked a time when companies were able to increase their profits because they were able to decrease their production costs.
True
False
Answers
Answer:
true
Explanation:
it was the time of the production line making it easy to make expensive things with people that are lower skilled and cheaper overall
Answer:
True
Explanation:
have a good day
You are researching buying your first car and have found the following information. Use the information below to calculate how much owning the car will cost you over 5 years. (Note: Not all information is useful/needed)
• Purchase Price: $20,000
• 4--Year Auto Loan payment: $450
per month
• Depreciation: 10% of the original price each year
• Checkups/Oil changes: $100 per year
• 5-year Average Repair Costs:
$3,000
• Insurance: $1,200 per year
• Gas cost: $3,000 per year
Answers
Using mathematical operations, the total cost of owning the car will be $46,100 over its 5-year life.
How is the total cost determined?The total cost is the sum of the different costs associated with the ownership of the car over its 5-year period.
Some costs, like gasoline, checkups/oil changes, and insurance are multiplied by 5 years while others were not.
Auto loan repayment per month = $450
Period of auto loan repayment = 48 months (4 years x 12)
Auto loan repayment for 4 years = $21,600 ($450 x 48 months)
Checkups/Oil changes = $500 ($100 x 5 years)
5-year Average Repair Costs = $3,000
Insurance = $6,000 ($1,200 x 5 years)
Gas cost - $ 15,000 ($3,000 x 5 years)
Total cost = $46,100
Thus, we can use mathematical operations (multiplication and addition) to determine the total cost of the car over 5 years.
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For the year ended December 31, 2019, Davidson Mart had sales of $ 550 comma 000 and cost of goods sold of $ 412 comma 500. Davidson estimates that approximately 2% of the merchandise sold will be returned. The adjusting journal entry on December 31, 2019, would include a _______.
Answers
Answer and Explanation:
The adjusting entry is as follows
Sales return & allowances ($550,000 × 2%) $11,000
Refunds payable $11,000
(Being the recording of estimated sales return is done)
For recording this we debited the sales returns & allowances as it increased the sales return and credited the refund payable as it also increased the liabilities
a certain city reports the following year-end total assets: general fund $ 18,400,000 library fund (a special revenue fund) 2,900,000 debt service fund 2,600,000 total governmental funds 26,300,000 total governmental and enterprise funds combined 51,250,000 based on this information, which funds should be reported as major funds?
Answers
The general fund ($18,400,000) and the debt service fund ($2,600,000) should be reported as major funds.
Major funds are defined as those funds that are considered significant in terms of size and scope. In the case of a city, the general fund and the debt service fund are typically considered major funds because they play a significant role in the overall financial operations of the city. The general fund is the main operating fund for the city and is used to finance the day-to-day operations, while the debt service fund is used to pay for long-term debt obligations.
Based on the information provided, the general fund and the debt service fund should be reported as major funds.
Total governmental funds: $26,300,000 (sum of the general fund, library fund, and debt service fund)
Total governmental and enterprise funds combined: $51,250,000
So, the general fund ($18,400,000) and the debt service fund ($2,600,000) should be reported as major funds.
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the demand for a good or service that reflects both the private and external benefits of its consumption is called
Answers
The demand for a good or service that reflects both the private and external benefits of its consumption is called social demand.
Social demand is defined as the total quantity of a product or service that all people or groups in a community are willing to buy or purchase at a specific time and price, taking into account both private and social benefits. It is a composite of private demand and external or social benefits.
Private demand is the quantity of a product or service that a single consumer or firm is willing to buy at a specific price and time.
External or social benefits are benefits that a product or service offers to society beyond the immediate consumer. It includes positive externalities such as reduced traffic congestion or lower air pollution levels.
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at the equilibrium quantity, marginal benefit is equal to marginal cost. consuming more means that some mutually beneficial exchanges do not take place, and producing more means that some goods go unsold.
Answers
At the equilibrium quantity, marginal benefit is equal to marginal cost. consuming less means that some mutually beneficial exchanges do not take place, and producing more means that some goods go unsold.
What happens at equilibrium?At the equilibrium quantity, we find that the marginal benefit we get from each additional unit consumed, will be equal to the marginal cost we incur for consuming that additional unit.
This means that if we consumed less than that quantity, we would be consuming less marginal benefits which means that some mutually beneficial exchanges will not come to take place.
If we produced more at that point however, it would be more than the marginal cost of some people and so the goods will go unsold.
Full question is:
At the equilibrium quantity, marginal benefit _________ marginal cost. consuming _________ means that some mutually beneficial exchanges do not take place, and producing ______ means that some goods go unsold.
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