If the current price of a pound of chicken is $3 per pound and the equilibrium price is $6 per pound what takes place is: a) There is a shortage , so the price rises and quantity demanded decreases.
The current price of $3 per pound is lesser that the equilibrium price of $6 per pound which means that their is shortage.
The shortage indicate that their is increase in demand in the market because the quantity demanded is higher than the quantity supplied.
Therefore the rise in price of goods and services will lead to decrease in the quantity demanded of such goods or product.
Inconclusion what takes place is: a) There is a shortage , so the price rises and quantity demanded decreases.
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Answer:<em> Option (A) is correct.</em>
A basic difference between absorption and variable costing is that the absorption costing approaches fixed factory overhead as a product cost, while variable costing approaches the same as a period cost.
Where production of inventory outpaces sales, fixed factory overhead under absorption costing approach will remain on balance sheet as unsold inventory; therefore keeping the costs off of income statement until inventory is sold. Whereas; under variable costing, fixed factory overhead will be expended to the income statement in given period .
Answer:
B) Pre-Tax
Explanation:
The income statement refers to the statement in which the all expenses are deducted from the revenue so that the operating income could come i.e. EBIT
For the value that disclosed above the operating income would be pre tax as after the EBIT, the income tax expense, the interest expense should be deducted to find out the Profit after tax
So in this situation, the option B is correct
Answer:
The correct option is B
Explanation:
A pure competition is describes as a market which has a wider range of competitors, those are selling the same kind of products.
A purely competitive market involves or comprise of the large or huge numbers of the firms who are making the standardized product, the market prices are determined by the demand of consumer.
In this case, MR is equal to MC, TVC is $550, Total revenue is $250 and TFC is $250. So, the firm have a scope for producing as it could still cover the total cost.
Countries that are in this state are measured according to the said three major areas. If it performs below the average, it means that the Gross National Product (GNP), Gross Domestic Product and Gross National Income are all low. The countries are categorized as Least Developed Countries (LDC's). The United Nations identified the following countries in Asia as LDC; Afghanistan, Bangladesh, Bhutan, Cambodia, East Timor, Laos, Myanmar Nepal and Yemen.
