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3 years ago

What is the law of supply

2 answers:

7 0

The law of supply refers to the law that states as long as everything is equal/constant, when the price of a good or service increases, the quantity of the good or service will increase. This is also true to that if everything stays the same, but the price of a good or service decreases so will the quantity of the good or service. All factors have to remain equal for this to work. Price and quantity supplied of a good are directly related to each other.

Julli [10]3 years ago

4 0

The law of supply is a fundamental principle of economic theory which states that, other factors held constant, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes

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A written agreement with a promise to pay a supplier a specific sum of money at a definite time is a(n) ______.

castortr0y [4]

Answer: Promissory note

Explanation:

6 0

3 years ago

A company incurs factory overhead costs of $1,200 and applied $1,500. If the difference is considered immaterial, then the:_____

maksim [4K]

Answer:

b) adjusting entry will require a credit to Cost of Goods Sold.

c) Factory Overhead account has a credit balance of $300 before adjusting.

Explanation:

Given that

Actual Overhead = $1200 i.e. debited to the factory overhead account

And,

Applied overhead = $1500 i.e. Credited to the factory overhead account

So, the Factory overhead account has a credit balance of $300 prior adjusting

Also the applied overhead is higher than the actual one so the adjusting entry would needed to credit to the cost of goods sold

6 0

3 years ago

SCENARIO 9.1: Amy borrowed $20,000 from her parents to open a bagel shop. She pays her parents a 5% yearly return on the money t

malfutka [58]

Answer:

45: $10,000

46: $40,000

47: $20,000

Explanation:

Total fixed cost of Amy =

TFC = yearly fixed cost + 5% of $20,000

TFC = $9,000 + $1,000

TFC = $10,000

Total cost =

TC = Variable cost + total fixed cost

TC = $30,000 + $10,000

TC = $40,000

The total profit she accrued is the difference between the total cost and the money she'd borrowed from her parents.

$40,000 - $20,000 = $20,000

Therefore, the total profit of Amy is $20,000

4 0

3 years ago

Max Staxx borrowed $2,000 on a 10%, 120 day note. After 45 days, Max paid $700 on the note. Thirty days later, Max paid an addit

allsm [11]

$670 is the final balance due that max wants to pay.

<u>Explanation</u>:

Max borrowed a $2000 amount on a 120-day note. First, he paid $700 in the 120-day note. So the current amount he paid is $700.
After thirty days max paid the amount of $630. So totally he paid $1330 in a note of 75 days. So 45 days are remaining.
So the final balance due is $670. So Max wants to pay $670 on a note of 45 days.

6 0

4 years ago

In China, it is considered a norm to give carefully chosen gifts to those one is doing business with. True False

IgorC [24]

As regards the statement on giving a carefully chosen gift to those you do business with in China being a norm, this statement is <u>True</u>.

<h3>What is considered a norm in Chinese business?</h3>

The Chinese believe that when you do business with someone, you should present them with a carefully thought out and chosen gift.

This shows great respect for your business partner, and can help negotiations to go along more smoothly.

Find out more on business norms at brainly.com/question/5718637.

5 0

2 years ago