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When an economist makes a prediction that a rise in consumer incomes will increase the demand for bicycles sold by a bicycle company, it is made on assumption that bicycles are normal goods. Therefore, the option A holds true.
<h3>What is the significance of normal goods?</h3>
The normal goods or services being sold in the market of an economy can be referred to or considered as goods that have a direct relation with the demand for such goods, which are affected by consumer income.
As per the behavior of normal goods, it can be inferred that their demands increases with a given increase in the disposable income of the consumer, such as the one in the condition given above.
Therefore, the option A holds true and states regarding the significance of normal goods.
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An economist for a bicycle company predicts that a rise in consumer incomes will increase the demand for bicycles. This prediction assumes that bicycles are _____.
A. Normal goods
B. Luxury Goods
C. Inferior Goods
D. None of the Above
<span>When a company uses the allowance method to measure bad debts, </span><span>the amount of bad debts expense is estimated at the end of the accounting period.
The allowance method is used when adjusting accounts receivable on the balance sheet. This refers to amounts that have not been collected yet, such as bad debt.
</span>
The steps in the planning process of an organization include:
- A. Formulating strategies to achieve the goals.
- B. Determining the organization's mission and goals.
- D. Selecting the most effective way to implement the organizational strategy.
<h3>What is planning?</h3>
Planning is a management function that ensures the achievement of organizational efficiency and effectiveness.
Planning usually takes place at three levels of the organization, including:
- Functional
- Business
- Corporate levels.
Thus, the steps in the planning process of an organization include Options A, B, and D.
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