Which statement is (are) true regarding property and liability insurance market conditions? I. Premiums are high when the insurance market is "hard." II. Underwriting standards are tight when the insurance market is "soft."

Reducing the number of levels in an organization's job structure is known as:

A. outsourcing. B. delayering. C. rightsizing. D. benchmarking. E. whistle-blowing.

The Wood Division of Fir Products, Inc. manufactures rubber moldings and sells them externally for $55. Its variable cost is $25 per unit, and its fixed cost per unit is $7. Fir's president wants the Wood Division to transfer 5,000 units to another company division at a price of $32.

Assuming the Wood Division does not have any available capacity, the minimum transfer price it should accept is a) $55. b) $25. c) $32. d) $7.