<u>Explanation:</u>
Note, the term diminishing marginal utility refers to an economic principle that states that the more unit of a particular commodity or service we consume, the more the satisfaction (utility) derived out of the consumption reduces or diminishes.
For instance, if I watched movies produced by a particular entertainment company for several days (eg Disney Studios), I may become dissatisfied using this particular entertainment provider and may decide to try another service (Netflix).
Another instance could occur after exercising, I'm given 3 bottles of coke, after taking my first bottle, the amount of utility I derive would reduce until I get to the third bottle, at this point I've reached my peak.
The law of diminishing marginal utility failed for someone I know who had used the same type of toothpaste and brushed her teeth at least once a day for a period of over 10 years.
Answer:
d. the law of demand
Explanation:
One of the foundations of current economy, the inversely proportional relationship between prices and quantity demanded, that is, the higher the price the lower the demand, is known by economists as the law of demand.
This law is a key factor in the determination of prices of goods and services that we see each day and reflects the decrease in the marginal utility of each extra unit with an increase in price.
Answer:
March 31
Dr. Payroll Tax Expense: 3071.25
Cr. FICA- Social security taxes payable:
1395
Cr. FICA- Medicare taxes payable:
326.25
Cr. SUTA-State unemployment taxes payable:
1215
Cr. FUTA- Federal unemployment taxes payable: 135
Explanation:
March 31
Dr. Payroll Tax Expense: 3071.25
Cr. FICA- Social security taxes payable:
(6.2%×$2,250) 1395
Cr. FICA- Medicare taxes payable:
(1.45%×$2,250) 326.25
Cr. SUTA-State unemployment taxes payable:
(5.4$×$2,250) 1215
Cr. FUTA- Federal unemployment taxes payable: (0.6%×$2,250) 135
The process to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives is called risk assessment.
An entity refers to someone or enterprise owning separate and wonderful prison rights, inclusive of an individual, partnership, or organization. An entity can, amongst different things, personal assets, engage in enterprise, enter into contracts, pay taxes, sue, and be sued.
The entity name is the call used by an enterprise to enter into contracts and make other criminal or administrative commitments. alternatively, the business name is the name your commercial enterprise operates under and shares with its clients, customers, and employees.
That which has a wonderful life as an individual unit. often used for businesses that have no physical shape. An existent something that has the houses of being actual, and having an actual lifestyle.
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Answer:
B. price ceiling.
A government policy that sets the highest price that can be charged for a good or service is a price ceiling.
