Discuss producer's risk and consumer's risk
What will be an ideal response?
Producer's risk is the chance that good product is rejected and consumer's risk is the chance that bad product is accepted. Although producers are interested in low risk, they often have no control over the consumer's acceptance sampling plan. Fortunately, the consumer also is interested in a low producer's risk because sending good materials back to the producer 1. disrupts the consumer's production process and increases the likelihood of shortages in materials, 2. adds unnecessarily to the lead time for finished products or services, and 3 . creates poor relations with the producer.
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The price a reasonable, unpressured buyer would pay for a property on the open market as set by an appraisal is known as the:
a. mark-to-management value. b. value in use. c. fair market value (FMV). d. assessed value.
Local 1440 of the AEIOU, an international union, was on strike. Deborah Pike did not agree with the strike and crossed the picket line for work each day
This upset some of the strikers, so they picketed her house, walking up and down on the sidewalk in front. Which of the following is true? A) The strikers have a right to picket Deborah's house as long as they remain on public property. B) The strikers have a right to picket Deborah's house because she is an employee of the business which is the target of the strike. C) The strikers have no right to picket Deborah's house. D) The strikers have a right to picket Deborah's house because she is a scab. E) The strikers have a right to picket Deborah's house as long as they are only attempting to communicate their message to her and not intimidate her.