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Xelga [282]
2 years ago
7

Please help How does supply and demand effect the price of an item?

Business
1 answer:
Sonbull [250]2 years ago
8 0

Answer:

It's a fundamental economic principle that when supply exceeds demand for a good or service, prices fall. When demand exceeds supply, prices tend to rise. There is an inverse relationship between the supply and prices of goods and services when demand is unchanged.

Explanation:

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If a production process creates positive​ externalities, a competitive market produces too few positive externalities because th
IceJOKER [234]

Answer:

The correct answer is option B.

Explanation:

When there is a positive externality the social benefit to consumers will be higher than the private benefit. Positive externalities mean that the benefit of production will be earned by some third party. The firms will not be compensated for these externalities. This will lead to market failure. So, a competitive firm will produce too few positive externalities unless the firms are compensated.  

4 0
3 years ago
A company with a December 31 fiscal year end sold and delivered $5,000 worth of inventory on December 15, 2016 with payments of
Zepler [3.9K]

Answer:

$5,000

Explanation:

Under the accrual accounting method, revenue is recognized and recorded in the books once the recognition criteria is met i.e once the goods or service has been delivered.

Under this system as well expenses are recorded once incurred.

As such, the time of cash payment does not affect the recognition of revenue. When revenue is earned and cash is yet to be paid, the entries required are debit accounts receivable and credit revenue.

On payment of cash, the entries are posted between cash and accounts receivables.

8 0
3 years ago
Read 2 more answers
Danny is using the menus for the first time. In six to eight sentences, give Danny directions about what he needs to know about
GenaCL600 [577]

Answer:

The Answer Is B) i just took the test !

4 0
3 years ago
AP MICROECONOMICS 1. GW Company produces and sells hats in a perfectly competitive market at a price of $2 per hat. Assume that
slavikrds [6]

Answer:

With the information in the question, we can make the following table:

Number of        Output of     Marginal  Marginal  Marginal

workers/day     hats/day       Product   Revenue  Cost

0                        0                    0              $0             $0

1                         10                   10            $20           $15

2                        26                  16            $32           $15

3                        36                  10            $20           $15

4                        44                  8              $16            $15

5                        49                  5             $10            $15

6                        52                  3             $6             $15

(a) After which worker do diminishing marginal returns begin?

As it can be seen in the table, after the third worker is hired, the diminishing marginal returns begin, because while the marginal product of the second worker is 16 hats, the marginal product of the third worker is 10 hats.

(b) Calculate the marginal physical product of the fifth worker.

The marginal product of the fifth worker is 5 hats.

(c) Calculate the marginal revenue product of the third worker.

The marginal revenue of the third worker is $20.

(d) How many workers will GW hire to maximize profit?

It should hire four workers. By the fourth worker, the marignal revenue is $16, while the marginal cost of hiring the additional fourth worker is $15. In a perfectly competitive market, the profit maximization point is obtained where marginal revenue = marginal cost, which is almost the case here.

(e) if GW Company has fixed costs equal to $20, what will be the company's short-run economic profits from hiring two workers?

If two workers are hired, the total revenue is $52. If the company has fixed costs of $20, and hires two workers costing each $15, the total costs are $50, therefore, in the short-run, the profit is $2.

(1) If the price of hats increases, what will happen to the number of workers hired in the short run?

The number of workers hired will increase because a higher price for hats means a higher marginal revenue for each worker.

6 0
3 years ago
Why are we forced to make choices in day-to-day life?
OLga [1]

Answer:

Because of resources are limited and we must decide

Explanation:

6 0
3 years ago
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