Answer:
B. Consumer surplus is the difference between the maximum price a consumer is willing to pay for a good or service and its market price.
Explanation:
As we know that the consumer surplus shows a difference between the maximum price willing to pay for a good or for rendering the service and the market price
In mathematically,
The consumer surplus = Willing to pay - Market price
Therefore, the correct statement is option B as the rest of the statements are wrong.
Answer: D.) Andy is a household providing a productive resource to one firm and receiving a service from another firm
Explanation: In the context above, Andy is an household in the fast food restaurant, as he provides labor needed for the running of the fast food firm which inturn provides goods and services to its consumers. Labor provided by Andy is a productive resource which is required by the first food firm for efficient functioning and product. Other productive resources may also include capital and land. From Andy's income, he buys ticket to a rock concert where he now becomes the receiver of another firm's services.
Answer:
The correct answer is D
Explanation:
The journal entry to be recorded for the salary is as:
Salary expense A/c...........................Dr $12,000
Salary Payable A/c...........................Cr $12,000
Being the salary which is paid weekly, become accrued
Working Note:
Single day amount = Weekly payment / Number of days
= $30,000 / 5
= $6,000 per day
So, computing for 2 days (Monday and Tuesday) salary as:
Amount = Per day salary × Number of days
= $6,000 × 2
= $12,000
It's somewhat see through