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1 year ago

Law of demand is defined as the relationship between price and quantity from a buyer's perspective.

Business

1 answer:

monitta1 year ago

7 0

It is true that the Law of demand is defined as the relationship between price and quantity from a buyer's perspective

<h3>What is law of demand?</h3>

The law of demand states that that as the price of a good increase, the quantity demanded will fall and as the price of a good falls, the quantity demanded also rise.

Here, consumers tend to buy more goods and services as the price go down or fall, hence more of a product will be purchased at lower prices than at higher prices.

Therefore, the Law of demand is defined as the relationship between price and quantity from a buyer's perspective

Learn more about law of demand here: brainly.com/question/1078785

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Match each economic scenario with the correct economic term.

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Answer:

The answer is:

1 - Underutilization

2 - Efficiency

3 - Unattainability

Explanation:

Efficiency in economics means a situation in which all resources are optimally distributed to serve each entity in the best way while minimizing waste and inefficiency.

Underutilization in economics is also a a situation in which lesser resources are being utilized than the economy is capable of utilizing.

Unattainability is a situation in which what one to accomplish or achieve is not possible.

1 - Underutilization

2 - Efficiency

3 - Unattainability

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3 years ago

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3 years ago

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2 years ago

A Municipal Finance Professional (MFP) lives in State A. The MFP gives $200 to the election campaign of a personal friend who is

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Answer:

B The payment will not result in the employing firm being banned from doing municipal securities business with State B because it was made based on a personal relationship.

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In this case, the MFP will not be voting for the candidate. She is allowed to donate only $150. Any excess will be refunded. However, since the MFP is making the donation on his personal capacity, the firm as a separate entity will not be penalized for what the MFP does with her money. It is likely that the firm does not even do contracts with the municipality. However, they are not based in the same area.

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3 years ago

Clear Colors Corporation uses a predetermined overhead rate based on direct labor costs to apply manufacturing overhead to jobs.

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Answer:

b. $ 2,000 overapplied

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Firstly, we need to determine the predetermined overhead rate based on direct labor costs.

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The total manufacturing overhead <u>applied</u> on direct labor costs of $ 208,000, is:

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Actual overhead costs incurred <u>$ 362,000</u>

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3 years ago