The given statement about the law of demand is false and the appropriate law is explained below.
<h3>What is Law of Demand?</h3>
This refers to the economic principle which states that when there is an increase in demand for a product, then the price of the good will decrease.
With this in mind, we can see that the law of demand works with the supply of goods as if for example there is an increase in price for a particular bar of soap, then the demand reduces.
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Answer:
Higher prices with same sales quantity will mean greater profit.
Explanation:
Let's hold some variables constant. If a business sells books, and they take the prices up, if they sell the same quantity (at higher prices) this would increase revenues. Higher revenues, less the same cost structure (variable and fixed costs) will lead to a greater profit generation. Of course in the real world, price elasticity of demand comes in play when prices are changed. If prices go up, typically sales quantity will decrease and there may be a net effect in revenue and hence profit. In the simple case where prices go up and sales quantity is unaffected, net profit will rise.
Answer:
the correct answer is accrual-basis
Explanation:
"according to the accrual-basis method of accounting, revenues are recognized when they are earned"
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Answer:
The account "Warranty Liability":
is adjusted at the end of the year
Answer:
Inbound logistics
Explanation:
Logistics can be defined as the control of the movement of things between the point of inception and the point of consumption to meet the needs of different customers or corporations. The resources that are controlled in logistics include substantial goods such as materials, equipment, and supplies, and also other consumer goods.
Inbound logistics refers to the collecting, moving, facillitating, storage, and receiving of goods that comes into the business.