Answer:
The right answer is "Pure monopoly, monopolistic competition and oligopoly".
Explanation:
- The agricultural market system would be fundamentally competitive as well as is often called straight-up competitiveness.
- Agriculture would be ideal competitiveness even though it has a vast variety of industries and every company generates a small proportion of the overall production of such marketplace.
Thus the above is the correct answer.
Answer and Explanation:
The journal entries are given below:
On May 4
Account payable $610
To cash $610
(To record the cash paid)
On May 7
Account receivable $6,840
To service revenue $6,840
(To record the service on account)
On May 8
Supplies $870
To Account payable $870
(To record supplies purchased on account)
On May 9
Equipment $1,930
To cash $1,930
(To record the equipment purchase)
On May 17
Salary expense $700
To cash $700
(To record the salaries expense)
On May 22
Repair expense $800
To Account payable $800
(To record the received bill for repairing of an equipment)
On May 29
Prepaid rent $1,280
To cash $1,280
(To record the cash paid)
Answer:
c) how resources are combined in the production of goods.
Explanation:
In order to meet the unending needs and wants of consumers, to satisfactorily provide products that meets their requirements, tastes or preferences various manufacturing companies use five (5) main methods of production, and these are; labour-intensive production, mass production, batch production, capital-intensive production and job production.
Generally in Economics, the question of how goods are produced, determines how resources are combined in the production of goods.
This ultimately implies that, before a manufacturer produce its goods it determines the amount of resources that are available. These resources that are to be combined for the purpose of production of goods are <em>entrepreneur, land, labor, and capital</em>, which are generally referred to as the four (4) factors of production.
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.
