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3 years ago

Setting a price ceiling below the equilibrium price can result in:

Business

1 answer:

lana [24]3 years ago

4 0

Answer:

The correct answer is option a.

Explanation:

A price ceiling is an upper limit on the price that could be charged for a product. It is generally imposed to protect consumers and to make necessary items affordable for the people.

A price ceiling below the equilibrium price is called a binding price ceiling. It creates a shortage in the market as at lower prices the consumers will demand more of a commodity but the suppliers will supply less.

Because of the law of demand and law of supply, the quantity demanded will be greater than the quantity supplied at a price that is fixed below the equilibrium price.

You might be interested in

Suppose you are interested in studying whether scent affects spatial reasoning abilities. You decide to test spatial reasoning u

Brilliant_brown [7]

Answer: 1. c. There are no differences in the mean completion times among the scents compared

2. Scent; Completion Time

Explanation:

The Null Hypothesis of a research is that hypothesis which you aim to disprove because it holds that no significant relationship between the variables being researched exists.

In this scenario you are studying whether scent affects spatial reasoning abilities.

The Null Hypothesis will.be that which states that there is no relationship between scent and spartial reasoning therefore there will be no differences in the mean completion times among the scents compared.

The factor of interest is the variable that is being changed to examine a difference making it the SCENT in this scenario.

The dependent variable changes due to the Factor of Interest so it is the COMPLETION TIME.

6 0

3 years ago

In a perfectly competitive market

lawyer [7]

Answer:

D. No seller can influence the price of the product

Explanation:

A perfect market for competition is a market which has a high level of competition.

It has the following features-

1. With regard to the market, knowledge is perfect in this rivalry between producer and consumer.

2. Free entry, and exit

3. Deals with same or homogeneous products

4. The buyers and sellers are more in this market

5. There is no transport cost

Moreover, the average revenue and the marginal revenue are equal.

So, the correct option is D.

6 0

3 years ago

The following partially completed process cost summary describes the July production activities of Ashad Company. Its production

Gelneren [198K]

Answer:

Explanation:

We solve this prblem in three steps

Step#1

In this step we will prepare the summary of units produces and trasffered and units in closing stock

Opening units 8000

Started 133000

141000

Transffered 122000

Closing 19000

Step#2

We will prepare production and cost table, total cost will be divided by the total units produced to identify the cost per unit incurred on material, labor and overheads.

Cost opening Current Total Complete Closing Equiv. Cost

Head Cost Cost Cost units WIP Units Per unit

Material 38,600 751,000 789,600 122,000 19,000 141,000 5.6000

Labor 1,480 138,820 140,300 122,000 13,300 135,300 1.0370

O.H 2,960 267,640 270,600 122,000 13,300 135,300 2.0000

Step-3

In this process we will calculate the cost incurred during the period.

Complete 122,000 8.64 1,053,708

Closing Wip

Material 19,000 5.60 106,400

Labor 13,300 1.04 13,792

Overheads 13,300 2.00 26,600

146,792

Total Cost 1,200,500

4 0

3 years ago

A grocery store sells grapes for 1.99 per pound you buy 2.34 pounds of the grapes how much do you pay

kotykmax [81]

The answer to this question would be: $4.66

In this question, the grapes price is $1.99 per pound and you try to buy 2.34 pounds of grapes. Then you need to multiply the price with the weight of grapes. The calculation would be:

total price= price per pound * grapes weight(in pounds)
total price= $1.99/ pound * 2.34 pounds= $4.66

5 0

3 years ago

Priscilla is a trader of silver and diamond jewelry. Due to a recessionary trend in the industry, her business has not been maki

saveliy_v [14]

Answer:

The correct answer is: tolerance of uncertainty.

Explanation:

Even if the market for precious metals is facing a decline due to recession, Priscilla mortgaged her house so she can continue investing in her precious metals business. This decision reflects Priscilla's tolerance of uncertainty that comes to the surface when it is not confirm what the course of an event will be because the factors that determine the course are too ambiguous or even unknown. The adverse situation does not discourage Priscilla and she is being tolerant enough to decide to keep her business up and running.

8 0

3 years ago