Answer:
b. Cannot tell the change in equilibrium quantity. The equilibrium price will decrease
Explanation:
Two things are going on here
1. Income decreases, that will shift demand inwards. People can buy fewer goods at any given price
2. New technology is discovered, that shifts supply outwards. Costs are reduced so producers can produce more at a given price
The resulting effects are that price will decrease but the result in quantity is undetermined. This can be seen with the two examples attached. In both cases, the shifting of the curves from D0->D1 and S0->S1 results in lower prices. However, in one case the equilibrium quantity goes up and in the other goes up.
The S<u>mall Business Administration</u><u> </u> helps economically weaker sections of the society to apply for loans to set up small businesses and facilitate their development
Explanation:
- The Small Business Administration (SBA) was established in the year 1953 to provide financial assistance to the small businesses.
- Apart from providing financial assistance SBA also counsel individual who are trying to setup or grow their businesses.
- SBA also acts as an advocate as it provides legislative advice's to the small business houses .
the IRS has the authority to impose penalties on tax professionals.
The IRS is the Internal Revenue Service unit for the United States, which is in charge of collecting federal taxes in the United States and overseeing the Internal Revenue Code, the principal section of federal statutory tax legislation.
It is a division of the Treasury Department and is run by the Commissioner of Internal Revenue, who is picked by the US President for a five-year term. Among the responsibilities of the IRS are helping taxpayers with their taxes, pursuing and resolving cases of incorrect or fraudulent tax files, and managing a number of benefit programs, including the Affordable Care Act.
To know more about IRS :
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GDP is designed to assess the production of goods in a market economy by output. However, it is not efficient in accounting for public and private services that without output that are easily countable by the number of units produced. GDP is not also well suited in measuring improvements in the diversity and quality of goods and
services. It is also poor in estimating the depletion of resources. Finally, it doesn't also reflect the degradation
of the environment involved in the production process.
