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Mrac [35]
3 years ago
13

​________ is used to describe how changes in price affect a​ consumer's purchasing​ power, and​ ________ is used to describe how

a change in price affects the quantity demanded of a good by making it more or less expensive than substitute goods.
a. the income​ effect; the substitution effect

b. the law of​ demand; the income effect

c. the substitution​ effect; the income effect

d. the substitution​ effect; the law of demand
Business
2 answers:
baherus [9]3 years ago
8 0

D. The substitution effect/ the law of demand

The substitution effect says when the price of one good goes up, consumers will replace it with a similar less expensive good (like buying generic paper towels)

The law of demand says that quantity demanded is <em>inversley </em>related to price, so as price goes up demand goes down.

stiv31 [10]3 years ago
4 0

Answer:

d. the substitution​ effect; the law of demand

Explanation:

just took the test

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Cleveland Corporation acquired a machine for $42,000 and has recorded depreciation for two years using the straight line method
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Answer:

The book value of the machine at the end of year 2 is $35,000

Explanation:

Straight line method depreciates the asset on its useful life after deducting salvage value from the cost of the asset.

Depreciation per year = ( Cost of Machine - Residual Value ) / Useful life

Depreciation per year = ( $42,000 - $7,000 ) / 10 years

Depreciation per year = $3,500 per year

Book value of machine at the end of year 2 = $42,000 - ( $3,500 x 2 )

Book value of machine at the end of year 2 = $42,000 - $7,000

Book value of machine at the end of year 2 = $35,000

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Answer:

The company has incorrectly credited the sales revenue account at the time of the receipt of payment. So, the  journal entry to record the transaction is as follows:

Date               Particulars                            Debit          Credit

March 1, 20    Sales Revenue A/c           $45,000

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3 years ago
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Answer:

A per se violation

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A per se violation is one that violates antitrust laws for example agreements made that violates the Sherman antitrust act. It has adverse effects on the competitiveness of a market.

Sherman antitrust act of 1980 is aimed at regulating competitiveness in a market. It prohibits anticompetitive agreements, and unilateral activities that tries to monopolize a market.

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Describe voluntary exchanges
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