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stira [4]
3 years ago
13

Suppose that the price of wheat is above its equilibrium price. You would expect to see __________- A) an increase in quantity d

emanded because of the high price. B) a leftward shift of the demand curve because of the high price. C) sellers begin to lower their prices because of the surplus of wheat.D) a shortage on the market that causes prices to increase further
Business
1 answer:
disa [49]3 years ago
8 0

Answer:

The correct answer is letter "B": a leftward shift of the demand curve because of the high price.

Explanation:

The equilibrium price represents the point at which buyers' demand and sellers supply face each other because both parties' needs are satisfied. If the price of a given product is higher than the equilibrium level, the quantity demanded is likely to decrease which directly implies a leftward move in the demand curve.

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You have been asked to help King Company make the necessary journal entry to record the purchase of office furniture for a $170
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Answer:

Debit Office Furniture account    $710

Credit Cash account                    $170

Credit Accounts payable             $710

Being entries to recognize office furniture partly paid for.

Explanation:

When items are purchased using cash, the corresponding credits in such transactions are recorded in the cash account. Where the item is purchased on account (or credit), the credit is posted to accounts payable.

Total worth of the office furniture = $170 + $540 = $710

The total debit for this will be recorded in the office furniture account.

Hence to recognize the transaction,

Debit Office Furniture account    $710

Credit Cash account                    $170

Credit Accounts payable             $710

Being entries to recognize office furniture partly paid for.

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Answer:

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Before the distribution, Raoul had 310 shares, each share with a $60 tax basis. After the distribution, Raoul will have 465 shares, each share with a $40 tax basis.

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Answer:

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