If it is a binding price floor, when the law is repealed, quantity demanded increases and quantity supplied decreases.
If it is a binding price ceiling, when the law is repealed, quantity demanded decreases and quantity supplied increases.
<h3>What is a price floor and a price ceiling?</h3>
A price floor is when the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Price ceiling is when the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
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Answer:
The Journal entries are as follows:
(i) On May 1, 2019
Inventory A/c Dr. $87,000
To Notes payable $87,000
(To record purchase of inventory)
(ii) On Nov 31, 2019
Interest Expense A/c Dr. $5,075
To Interest payable $5,075
(To record the Accrued the interest.)
Workings:
May to Nov = 7 months
Therefore,
Interest Expense = 87,000 × 10% × 7÷12
= $5,075
True
(Not sure what was the question about but I’m guessing it’s a true/false?)
hope this helps :)
Although they frequently don't, House of Pancakes employees pretend to like their employer. These workers are performing emotional labor known as surface acting.
When someone engages in surface acting, they don't truly strive to experience the emotions they want to portray; instead, they fake the necessary feelings. They might put on "false smiles" or other necessary emotional displays that don't accurately represent how they really feel.
You are surface acting if you feel one feeling and try to express a different one. Imagine you have a stressful commute and arrive at work. Even though you're still not in a particularly good mood, you might put on a false smile for a coworker as you get your morning brew.
Learn more about Emotional labor here
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