Ignatenko Company purchased office supplies costing $5,000 and increased Supplies for the full amount. Supplies on hand at the e
nd of the accounting period were $1,300. The appropriate adjustment at the end of the period is _________.a. Supplies Expense $3,700Supplies $3,700 b. Supplies Expense $1,300 Supplies $1,300 c. Supplies $1,300 Supplies Expense $4,000 d. Supplies $3,700Supplies Expense $3,700
It helps consumers tell producers when prices are too high.
Explanation:
The law of demand affirms that an increase in price results in reduced demand. It means that when prices increase, consumers will buy fewer quantities of a product or service. The law of demand shows the relationship between price and the quantity of a product consumers are willing to buy in the market.
Consumers can communicate with producers through the volume of products purchased. When the quantity purchased is low, producers will know the set prices are high.
Explanation: In simple words, environmental scanning refers to the process in which an organisation tries to gather maximum information by an event and interpret its relationship with the external and internal environment of the entity.
This process in usually done by the top management for estimating future that if there will be any opportunities to grab or any threats to be concerned about.
Hence from the above we can conclude that the given case depicts environmental scanning.
