The United States government was correct in interfering with the growth of Standard Oil. Not only was the company taking advantage of existing situations, but eventually it would have controlled the oil market entirely. If Standard Oil was able to gain control of the market for a long period of time, consumers could have had to pay extremely high prices for the oil that they needed, limiting their purchase of other goods. Or Sample response: The United States government should not have interfered with the growth of Standard Oil. Because the company had managed to reduce production costs, it was able to offer very low prices to consumers. This benefited many Americans. Without the company's production benefits, citizens were not able to take advantage of this infrastructure.
Answer:
3. indicates the quantity demanded at each price in a series of prices.
Explanation:
The demand for a product can be described as the quantity that buyers are willing and able to buys at a given price or different prices. As per the law of demand, an indirect relationship exists between the price and demand for a product. This relationship can be expressed in a graph format known as a demand curve or as a table format known as the demand schedule.
A demand curve is downward sloping. It demonstrates how demand varies at different prices. A change in price cause movement along the demand curve. Low price results in high demand, while high prices result in low demand.
Answer:
Utility increases at a decreasing rate.
Explanation:
Utility is the total satisfaction derived from consumptjon.
The utility function measures the total satisfaction derived from consumptjon.
Utility increases at a decreasing rate.
This can be illustrated with an example.
Imagine I am coming from a desert with no access to drinking water. I am very thirsty. The satisfaction I would derive from the first cup of water would be the highest. After my first cup, the utility I would derive from other cups would be diminishing.
Answer:
$3,355
Explanation:
Accounts receivables = $ 352,000
Debit Allowance for uncollectible accounts = 630
Net Sales = $797,000
The company estimates that 0.5% of net credit sales are uncollectible
Estimates of uncollectible receivables
= 0.5% × $797,000
=$3985
This is the total amount to be recognized at the end of the year as Bad Debts Expense. Since a debit of $630 has been recognized already, additional debit required
= 3985 - 630
= $3,355
The amount to be debited to Bad Debts Expense when the year-end adjusting entry is prepared is $3,355.
Answer:
$36,800
Explanation:
The total amount of interest expense included in the first annual principal
= Principal's balance × yearly interest rate
= $320,000 × 11.5%
= $36,800
The principal's balance after the first payment is
= $320,000 - $36,800
= $283,200
The interest expense included in the second payment is
$283,200 × 11.5%
= $32,568
