Answer: The answer is provided below
Explanation:
a. When the quantity supplied of a particular crop reduces, it will affect the farmer's revenue but this can still be beneficial to the farmer provided these conditions prevails:
• If demand for the crop rises more than its fall in supply, this will lead to a rise in the and price of the crop. Hence, there will also be an increase in the revenue of the farmer and the farmer will try to adjust output and sell at higher prices. Therefore, the excess demand can off set a fall in the supply.
b. We know that the supply of a crop is limited. For example, let's assume that the crop is rice. Now the situation is that people are demanding more beans maybe as a result of festive season. Therefore, everyone will want to purchase rice which will lead to an increase in the price of rice due to excess demand.
The farmer will try as much as possible to maximise profit and will therefore sell the rice at higher price to those that wants to buy. Therefore, it's clear that the farmer can still benefit, even if his supply is limited, but the demand must be greater than its decline in supply.
Answer:
A
Explanation:
A court-ordered action that directs parties to do or not to do something
Answer:
Arona Corporation
Journal Entry:
Debit Finished Goods Inventory $
Credit Work in Process - Waterproofing Department $
To transfer 70 canoes to the finished goods inventory.
Explanation:
Arona Corporation makes this entry to transfer 70 canoes to the finished goods inventory account in order to record the completion of the production process by the Waterproofing Department. The Work in Process of the Waterproofing Department is credited with the value of 70 canoes multiplied by their unit costs. Then the Finished Goods Inventory is debited to record the transfer. These entries show that the Waterproofing Department is not indebted to the organization having completed its assignment.
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
In a perfectly competitive market with 50 firms, output is zero at prices less than $20.
At prices of $20 to $29.99, each firm will produce 1 unit of output.
At a price of $27, the industry produces 50*1= 50 units.
At any price of $30 or more, each firm will produce 3 units of output.
At a price of $35, the industry produces 50*3= 150 units.
Answer:
Kendrik was frustrated that his DVD player wouldn't play a DVD he purchased while on vacation in Great Britain. When he called the manufacturer to complain, he was told that European DVDs are formatted differently and won't play on all machines. This is evidence of how __location______ can place a constraint on global markets.
Explanation:
Production location can place some constraints on global markets, especially when different standards are applied. To avoid this problem, there is the need to formulate international standards for the production of goods and services. Without some internationally-accepted standards, local production may not satisfy the global market.
