All categories

3 years ago

If the current price of a product is above the market equilibrium price, there is ________ of this product.

Business

1 answer:

lana [24]3 years ago

5 0

Answer:

Excess supply

Explanation:

Equilibrium price is the price where the demand curve equals the supply curve.

When price is above the equilibrium price, quantity supplied increases.

According to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

If price is below the equilibrium price, there would be excess demand.

I hope my answer helps you

You might be interested in

The Assembly Department produced 1,000 units of product during March. Each unit required 1.25 standard direct labor hours. There

frutty [35]

Answer:

Debit Work in process for $15,625

Debit Direct labor time variance for $625

Credit Direct labor rate variance for $650

Credit Wage payable for $15,600

Explanation:

Before preparing the journal, the following calculations are done first:

Wage payable = Actual hours * Actual rate per hour = 1,300 * $12 = $15,600

Direct labor time variance = (Actual hours - Standard hours) * Standard direct labor rate = (1,300 - (1,000 * 1.25)) * $12.50 = $625 Unfavorable

Note: Direct labor time variance is Unfavorable because Actual hours is greater than Standard hours.

Direct labor rate variance = (Actual rate - Standard rate) * Actual hours = ($12 - $12.50) * 1,300 = -$650 Favorable

Note: Direct labor rate variance if Favorable because Actual rate is lower than the Standard rate.

Work in process = Wage payable + Absolute value of direct labor rate variance - Direct labor time variance = $15,600 + $650 - $625 = $15,625

The journal entries will now look as follows:

Date Particulars Debit ($) Credit ($)

Mar. 31 Work in process 15,625

Direct labor time variance 625

Direct labor rate variance 650

Wage payable 15,600

(To record the direct labor in the Assembly Department.)

4 0

3 years ago

How old does a senator have to be?

mafiozo [28]

Answer:

Article 58.- To be a senator, the same requirements are required as to be a deputy, except age, which will be 25 years old on the day of the election.

Explanation:

and i'm mexican

7 0

2 years ago

Read 2 more answers

Prepaid expenses require what type of adjusting entry? Question options: Matched Accumulated Accrued Deferral

yanalaym [24]

Answer:

deferral

Explanation:

Adjusting entries are when changes are made to already recorded journal entries.

Categories of adjusting entries :

accrued revenues
accrued expenses
unearned revenues
prepaid expenses
depreciation.

Prepaid expenses are payments made for services yet to be delivered.

For example, paying for a year's worth of subscription on your streaming service

Prepaid expenses is an example of deferred payment, so the adjustment should be a deferral

7 0

3 years ago

In the context of project management, a task duration is always the same as the amount of work (effort) it takes to finish the t

Mashutka [201]

Answer:

False

Explanation:

The statement that says that in the context of project management, a task duration is always the same as the amount of work (effort) it takes to finish the task is false because the effort is the time a person needs to finish a task while the duration is the period of time that a person has to finish it. For example, an employee has a task that takes forty hours of work to finish it but he has a month to do it. In this case, the effort is forty hours but the task duration is one month.

4 0

3 years ago

Compute the selling price if variable costs are $16 per unit. Determine the formula used to calculate the selling price.

dezoksy [38]

Answer: $40

Explanation:

Selling price can be calculated through the contribution margin equation;

Contribution margin = (Selling Price - Variable cost) / Selling Price

Contribution margin = Fixed costs/break-even point

= 660,000/1,100,000

= 60%

60% = (Selling Price - 16) / Selling Price

Selling price * 60% = Selling price - 16

16 = Selling price - (0.6 * selling price)

16 = Selling price * 40%

16/40% = Selling price

Selling price = $40

3 0

3 years ago

If the current price of a product is above the market equilibrium​ price, there is​ ________ of this product.

If the current price of a product is above the market equilibrium price, there is ________ of this product.