Answer:
Promissory agreement.
Explanation:
A promissory agreement can be defined as an evidence of a debt and as such involves the use of a legal financial tool such as a promissory note as a written promise to declare that a party (borrower) would pay another (lender) at a specific period of time.
Thus, when goods are sold to a customer by a business entity and the customer promises to pay an amount of money at a certain future time period it is known as a promissory agreement.
A promissory note can be defined as a signed document that contains a written promise by a customer to pay a specific amount of money to an individual or business firm, on demand or at a certain future time period, for the goods or services purchased.
Its probably C. The other answers are highly unlikely.
The main factors influencing a commodity's price elasticity of demand are as follows: 1. The presence of substitutes 2. The sum of consumer spending 3. The Products' Complementarity.
The main factors influencing a commodity's price elasticity of demand are as follows: 1. The presence of substitutes 2. The sum of consumer spending 3. A product's number of applications 4. The Products' Complementarity 5. Time and elasticity. The most important factor influencing price elasticity of demand is the availability of diverse kinds and quantities of substitutes for a particular commodity or service. If a commodity has close substitutes, its demand is probably elastic. The demand for such an item will be greatly diminished if its price rises because consumers will switch to similar substitutes.
With increasing substitutability, something's price elasticity of demand rises.
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Answer:
Declaration of independence
Explanation:
I did that test yesterday lol
Answer:
a. The equilibrium price is $19 and the equilibrium quantity is 55 units.
b. The quantity will be 50 units at $20 price.
Explanation:
Given the demand function, Qa= 150 - 5P
The supply function, Qs = 17 + 2P
At the equilibrium point, the demand is equal to supply.
Demand = Supply
Qa = Qs
150 – 5P = 17 + 2P
150 – 17 = 2P+5P
133 = 7P
P = 19
Now insert P = 19 in Qa= 150 - 5P
Qa= 150 – 5(19)
Qa = 55
The equilibrium price is $19 and the equilibrium quantity is 55 units.
b. If the price is $20 then the quantity will be:
Qa= 150 - 5P
Qa= 150 – 5(20)
Qa = 50 units
The quantity will be 50 units at $20 price.
