Answer:
Elastic demand
Explanation:
The price elasticity of demand is described as the sensitivity of demand to changes in its price. A product is price elastic when a small change in prices causes a significant change in quantity demanded. If a small change in price results in minimal impact in quantity demanded, the product is price inelastic.
Steel mill raised its prices by 7 percent. As a result, the demand declined by 20 percent. The demand decreased by a bigger rate than the change in price. It means a small change in price causes the demand to change significantly. Therefore, the demand curve is price elastic.
Lowering the discount rate can promote full employment because <span>companies are more likely to expand and hire more workers. High inflation is the circumstance which usually accompanies a period of economic expansion. </span>
Spending will increase.
Demand will increase.
The consumer confidence index is a measure of how "confident" the population of the United States is in the economic status of the US. Thus, both these values will increase!
Answer:
Date Account Title Debit Credit
May 7 Materials $9,600
Accounts Payable $9,600
<u>Working:</u>
= Units purchased * cost per unit
= 640 * 15
= $9,600
As the goods were purchased on account, they will be sent to accounts payable. Materials are assets so they will be debited when acquired.
