Answer:
The price is above equilibrium; quantity supplied is more than quantity demanded.
Explanation:
A surplus in the market means the actual price of a product is above the equilibrium point. The quantity supplied is much more than the quantity demanded. A considerable population of buyers will not afford the product due to its high price.
Higher prices will cause the demand for goods to decrease in the market. When there is a surplus in the market, sellers will tend to reduce the price hence increasing the quantity demanded. This will decrease the quantity supplied. The buyers will now afford the product.
Answer:
b. gross profit
Explanation:
As we know that
Net income = Gross profit - operating expenses
where,
Gross profit = Sales - the cost of goods sold
And, The operating expense deals with the day to day business activities like commission on sales, payroll, etc
So, the gross profit equals to
Gross profit = Net income + operating expenses
Therefore, the option b is correct
Answer:
6 Factors Affecting the Supply of a Commodity (Individual Supply) |
Price of the given Commodity: ADVERTISEMENTS: ...
Prices of Other Goods: ...
Prices of Factors of Production (inputs): ...
State of Technology: ...
Government Policy (Taxation Policy): ...
Goals / Objectives of the firm:
Explanation:
Please mark as brain list
Answer:
c) As the wage rises, most workers are willing to work more hours.
Explanation:
Option “C” is correct because there is a direct relationship between the wage rate and the labor hours. If the wages increase then more people or labor are willing to work for more hours. If the wage falls then this fall in wage results in the fall in labor hours because more people will be less willing to work at a lower wage rate. Therefore this direct relationship between the wage rate and the number of labor results in an upward-sloping labor supply curve.
Answer:
Only the market value of new finished goods are included in the GDP, so $10 would be added.
Explanation:
Imagine a company that produces furniture. If we would include the wood, the nails, the wood paint, etc., were included in the calculation plus the furniture itself, you would be double-counting the cost of the manufactured furniture. If you consider waste materials, then you would be adding even more costs. That is why you only consider finished goods.
