Answer:
The free rider problem
Explanation:
The free rider problem is a form of market failure in economics. It means that there's an insufficient form of commodity distribution in which some individuals are allowed to consume more than their fair share of the shared resources or pay less or not at all than the fair share of cost. In this case, tomatoes are overgrown and the common plot is over used, thus making individually owned plot perform better than the common plot. The whole free rider scenario occurs when those who benefits from communal services and goods do not pay for them or underpay for them and over use them.
Answer:
Close the $2,500 to Cost of Goods Sold
Explanation:
The under applied overhead is added to the Cost of Goods Sold amount.
The same amount would be debited to the cost of goods sold and the manufacturing overhead would be credited with the same amount that is $ 2500.
Under applied overhead means that the overhead actually incurred is more than the overhead planned of to be incurred. So we add back the amount by which it is less.
Answer:
$22,000F
Explanation:
Calculation to determine what The activity variance for revenue for October would have been closest to:
Activity variance for revenue= (5,500*19) - (5,500*23)
Activity variance for revenue=$104,500-$126,500
Activity variance for travel expense =$ 22000 F
Therefore The activity variance for revenue for October would have been closest to:$22,000 F
Answer:
Sam
Tereza
Andrew could be right, but it depends on the magnitude changes,
Explanation:
Lorenzo is wrong because if supply decreased and the demand was unit elastic, then the equilibrium quantity will fall but the price will increase.
Neha is also wrong because a perfect inelastic supply is a vertical line parallel to the y-axis, then if this supply decreases (shifts to the left) the equilibrium quantity will decrease but the price will increase.
Sam is right because a perfectly elastic demand is a horizontal line parallel to the x-axis. and if supply decreases (or increases) the price will remain the same but the equilibrium quantity will decrease ( or if demand increases, it will increase).
Teresa is also right because a perfect elastic supply looks the same as a perfect elastic demand, then if demand decreases (or increases) price will remain the same and the equilibrium quantity will decrease (or if demand increases, it will increase).
Andrew could be right but depends on the magnitude change in demand and supply. If both (supply and demand) decrease in the same proportion, the equilibrium quantity will decrease, and the price could remain the same. But, it depends on the magnitude shifts.