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salantis [7]
3 years ago
7

13. In a market system, how are the terms of exchange established? a. Consumer advocacy groups establish fair prices for items,

and most firms follow pricing guidelines because they don't want to anger their customers. b. Industry associations establish an acceptable price range for each commodity sold within the industry, and member firms are obligated to abide by these guidelines. c. The forces underlying supply and demand interact to determine the market price. d. Federal legislation establishes maximum prices for most goods, and state governments regulate the prices of any remaining items.
Business
1 answer:
yuradex [85]3 years ago
3 0

The forces underlying supply and demand interact to determine the market price.

<h3><u>Explanation:</u></h3>

The persons involving in the activities of trading comprises the market system. It includes sellers, buyers and others involved in trading process. They also includes the buyers, consumers, producers who are the major players of the market system who determines the economic activity in it.

The supply and demand law is the major determinant of the production of goods and services in a market economy. The natural resources, land, capital and labor are the supplies. The purchasing power of the government, consumers and business are the demands. The forces underlying supply and demand interact to determine the market price.

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An employee earns $5,550 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $127,200
omeli [17]

Answer:

The amount the employer should record as payroll taxes expense for the employee for the month of January is $695.75

Explanation:

According to the given, The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 4.4%.

The remainder are taken out of the employees' checks as part of their responsibility.

Therefore, to calculate the amount the employer should record as payroll taxes expense for the employee for the month of January we would have to make the following calculation:

Total payroll expense=($5,500 x 0.062) + ($5,500 x 0.0145) +($5,500 x 0.006) +($5,500 x 0.044)

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The amount the employer should record as payroll taxes expense for the employee for the month of January is $695.75

3 0
3 years ago
Why have the fortunes of the English gentry degenerated?
kotykmax [81]
The fortunes of the English gentry degenerated primary due to the reformation of the voting law. Initially, only land-owning gentry has the right to vote and they used their right to control the laws governing land ownership. When the voting law was reformed, the power of the gentry diminished, enabling non-gentry individuals to own land and create factories.

Since, the English gentry get their fortunes from leases on their lands used for farming, they were very affected when the people working on their lands opted to go to the city and become factory workers. Thereby decreasing their rental income.

Land taxes also increased and because some portion of the English gentry's land became idle and unproductive, they were not able to pay the increasing land taxes; forcing them to sell and dispose of their land to meet their tax obligations.

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3 years ago
Which of the following statements explains the relationship between Social Security and Medicare taxes?
Usimov [2.4K]
The best and most correct answer among the choices provided by your question is the fourth choice or letter D.

The statement "<span>Social Security is applied to all wages up to the maximum taxable earnings. Medicare is applied to all wages without limit." best </span><span>explains the relationship between Social Security and Medicare taxes.</span>

I hope my answer has come to your help. Thank you for posting your question here in Brainly. We hope to answer more of your questions and inquiries soon. Have a nice day ahead!
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