When the price of a product rises, consumers with a fixed money income shift their purchases to other products whose prices are now relatively lower. This statement describes Group of answer choices an inferior good. the rationing function of prices. the income effect. the substitution effect.

Mordica company identifies three activities in its manufacturing process: machine setups, machining, and inspections. estimated annual overhead cost for each activity is $156,960, $382,800, and $84,640, respectively. the cost driver for each activity and the expected annual usage are number of setups 2,180, machine hours 25,520, and number of inspections 1,840. compute the overhead rate for each activity. machine setups $ per setup machining $ per machine hour inspections $ per inspection