(B) When revenue equals opportunity and variable cost, then the producer surplus most likely drops to zero for a firm.
<h3>
What is revenue?</h3>
- The total income derived from the sale of products or services pertaining to a business's core operations is referred to as revenue.
- Because it appears at the top of the income statement, revenue, which is also known as gross sales, is frequently referred to as the "top line."
- A company's overall earnings or profit are referred to as income or net income.
- Although both revenue and profit are positive indicators for your company, they are not the same thing.
- The producer surplus for a firm will probably reach zero when revenue equals opportunity costs and variable costs.
Therefore, (B) when revenue equals opportunity and variable cost, then the producer surplus most likely drops to zero for a firm.
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If Keynes's law applies during economic contractions and Say's law applies during economic expansion, the way in which the three goals of macroeconomics would be affected is that: trade-offs and connections may differ in the short run and the long run.
<h3>What is
macroeconomics?</h3>
Macroeconomics can be defined as a study of all the behaviors, performances, and factors that affect the entire economy. This ultimately implies that, macroeconomics typically focuses on aggregate phenomena such as the following:
- Gross Domestic Product (GDP).
- Inflation
- Price level
- Economic growth.
According to the law established by John Maynard Keynes, demand is an economic factor which creates its own supply. Additionally, the way in which the three (3) goals of macroeconomics would be affected are as follows:
- Trade-offs may differ in the short run.
- Connections may differ in the short run.
- Connections may differ in the long run.
- Trade-offs may differ in the long run.
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Complete Question:
If Keynes's law applies during economic contractions and Say's law applies during economic expansion, how will the three goals of macroeconomics be affected?
determinates of total supply for the economy will be traded-off
trade-offs and connections may differ in the short run and the long run
institutional and market structures will connect factors of production
the economy will face genuine limits to how much can be produced
Answer:
Scarcity refers to the basic economic problem, the gap between limited that is, scarce resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.
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The answer is they have a comparative advantage in growing coffee. Comparative advantage is defined as the advantage an actor is given to produce goods and services at a lower cost. With the appropriate climate and terrain, South America need not to use more capital in producing coffee.
Answer:
a. $2400 debit balance.
Explanation:
Cash is an asset (a resources owned/controlled by an entity as a result of a past event, for which future benefits will be enjoyed by the company). As such, like other assets, cash normally has a debit balance.
The debits to cash represents the inflow of cash while the credit entries represents the outflows from the cash account.
Account balance = $5600 - $3200
= $2400
The debits are more than the credit hence net balance is a debit.
