M1 decreases and M2 doesn't change if Ms. Anniston moves $1,000 from her checking account to her money market account.
<h3>What are M1 and M2?</h3>
Money supply in M1 and M2. Money that is very liquid, such as cash, checkable (demand) deposits, and traveler’s checks, is included in the M1 money supply.
The M2 money supply, which consists of the M1 money supply plus savings and time deposits, certificates of deposits, and money market funds, is less liquid in nature. M2 is a larger definition of money that adds more deposit kinds along with everything in M1.
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Rent control is a mechanism by which the price of renting is kept within certain boundaries, such that it doesn't rise beyond a given level, nor grows at a rate higher than a specified rate. It's therefore a price ceiling. It can't be a price floor because any owner may decide to charge a fee as low as one may not be able to imagine. While there's no restrictions as to how low a landlord can go in terms of charging renters, the concept of price floor can't be considered here.
Since Gretchen does most of her work at home and seldom go to office, Gretchen have become independent contractors.
<h3>Who is an independent contractor?</h3>
An independent contractor serves as a self-employed person, who is a consultant that provides services to other organization.
Therefore, under Common law principles, independent contractor can be regarded as a status involving method of payment.
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Answer:
Total Fixed costs: $
Rent 2,000
Utilities 700
Salaries 2,950
Advertising 50
Total fixed cost 5,700
Contribution per car = Selling price - Unit variable cost
= $10.50 - $2.50
= $8.00 per car
Break-even point in full-service car
= <u>Total fixed cost</u>
Contribution per car
= <u>$5,700</u>
$8.00
= 712.5 = 713 cars
Explanation:
Break-even point in full-service car equals total fixed cost divided by contribution per car. Contribution per car is selling price minus variable cost per car.
Answer:
1. False
2. Shortage; Larger
Explanation:
1. A binding price ceiling is one that prevents the market from reaching its equilibrium. In this market, the equilibrium price is $25 therefore anything below $25 will be binding. A price ceiling below $25 per box is a binding ceiling.
2<em>. Assuming that the long-run demand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result in a </em><em><u>shortage</u></em><em> that is </em><em><u>larger</u></em><em> in the long run than in the short run.</em>
In the long run, supply is more sensitive because farmers can decide to plant oranges on their land, to plant something else, or to sell their land altogether.
This means that a price ceiling in the long run will be less attractive to farmers so they might leave the market. If they do this then the shortage will be more as there are now less supplies in the market.
