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Fiesta28 [93]
3 years ago
6

Suppose Chris and Laura attend a charity benefit and participate in a silent auction. Each has in mind a maximum amount that he

or she will bid for an oil painting by a locally famous artist. This maximum is called of:_________. a. deadweight loss. b. willingness to pay c. consumer surplus. d. producer surplus.
Business
1 answer:
VashaNatasha [74]3 years ago
5 0

Answer:

b. willingness to pay

Explanation:

Willingness to pay is the term used for the economic value of the good to a person willing to buy under some given conditions. In this situation there is a silent auction which requires willingness of participant to pay the painting under auction. There is no competition involved and in absence of any comparison of prices  b. willingness to pay is appropriate term to be used for this.

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Answer:

journal entry are given below

Explanation:

given data

gross pay for the period = $1,000

net pay for the period =  $820

to find out

journal entry to record the issuance of payroll checks

solution

journal entry are as

Account Name                       Debit                      Credit

Labor Expenses                        $1000

payroll taxes Payable                                                  $820

Net Payroll Payable                                                     $180

( $1000 - $820 )

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Answer:

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