Answer:
(a) $3
(b) $1
(c) $2
Explanation:
(a) The amount of the tax on a bottle of wine:
= Price paid by consumers - Price received by sellers
= $5 - $2
= $3
(b) The burden that falls on consumers:
= Price paid by consumers after tax - Price paid by consumers before tax
= $5 - $4
= $1
(c) Burden that falls on producers:
= Price received by sellers before tax - Price received by sellers after tax
= $4 - $2
= $2
Answer: b. a seller decides not to focus on price and instead emphasizes distinctive product features, service, product quality, promotion, packaging, or other factors to distinguish its product from competing brands
Explanation: Nonprice competition is a form of competition wherein sellers use other factors other than price to increase demand for their products and services. When Louis Vuitton decides not to focus on price and instead emphasizes distinctive product features, service, product quality, promotion, packaging, or other factors to distinguish its product from competing brands, it is engaging in nonprice competition.
Answer:
The correct answer is letter "E": The marginal benefit of sleeping 10 more minutes is greater than the marginal benefit of 10 more minutes of work.
Explanation:
Marginal Benefit is an economic term that describes the maximum amount a consumer is willing to pay for an additional unit of a good or service. Typically, the marginal benefit decreases as long as the person consumes more of that good or service. The price-benefit relationship is inversely proportional.
In the example, the marginal benefit of sleeping 10 minutes more must be greater than the marginal benefit of working 10 more minutes if economists choose to sleep a little bit more.
Answer:
D)
Explanation:
Credit to state unemployment tax payable for $578.-
Answer:
a. $804,000
Explanation:
Preparation of Worth Company's cost of goods sold for the year
Cost of goods manufactured $816,000
Add Beginning finished goods inventory $252,000
Less Ending finished goods inventory ($264,000)
Cost of goods sold $804,000
Therefore Worth Company's cost of goods sold for the year is: $804,000