<span>A free market exists when the government
places few restrictions on how a good or a service can be produced or sold or
on how a factor of production can be employed. A free market is an economic
system where prices are decided on if there is unrestricted competition between
privately owned businesses. Supply and demand are the main factors in a free
market and there is little to no government control. </span>
Answer:
D. $4,902
Explanation:
Schickel Inc.
RELEVANT COST can be defined as the cost that are often said to be incurred only when making specific and important business decisions because this relevant cost is used to determine whether to sell or keep a business which is why relevant cost concept is useful for eliminating some information from a particular decision-making process.
Relevant cost=
New stocks of the material purchased for $6.45 per liter.
Relevant cost of 760 liters of the material to be used.
Hence;
= $6.45 per liter ×760 liters = $4,902
Therefore the relevant cost of the 760 liters of material B39U is $4,902
Answer:
JOURNAL ENTRY :
Unrealized holding loss on purchase commitment - - - - - $48,700 Dr.
Estimated liability on purchase commitment ($990,700 - $942,000) - - - - 48,700 Cr.
Explanation:
Given the following :
Agreed purchase price of raw materials in 2018 = $990,700
Market value of raw material at 31, December 2018 = $942,000
JOURNAL ENTRY :
Unrealized holding loss on purchase commitment - - - - - $48,700 Dr.
Estimated liability on purchase commitment ($990,700 - $942,000) - - - - 48,700 Cr.
Aggregate demand will decrease by $900 billion.
The overall demand for finished goods and services in an economy at a certain period is known as aggregate demand (AD) or domestic final demand (DFD) in the field of macroeconomics. Effective demand is a common name for it, however other times this term is used to make a distinction. This is a country's demand for its gross domestic output. It details the volume of goods and services that will be bought at every price point. The aggregate demand is made up of investment, corporate and governmental expenditures, consumer spending, and net exports. Real output is represented on the horizontal axis and the price level is plotted on the vertical axis to represent the aggregate demand curve. Although it is presumed to be downward sloping, the Sonnenschein-Mantel-Debreu findings demonstrate that the curve's slope
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Answer:
They will be less likely to rent an apartment and more likely to own a home. A product whose demand falls when income rises, and vice versa, is called an inferior good. In other words, when income increases, the demand curve shifts to the left.
For normal economic goods, when real consumer income rises, consumers will demand a greater quantity of goods for purchase. ... When nominal income increases without any change to prices, this means consumers can purchase more goods at the same price, and for most goods, consumers will demand more.
Explanation: