The industry is currently in long-run equilibrium. The economy now goes into a recession and average incomes decline. The result will be an increase in output, but not in the price, of the product. This is further explained below.
<h3>What is a
product?</h3>
Generally,
In conclusion, The market is in a state of long-term balance. There is currently a drop in typical salaries and the economy is entering a recession. As a consequence, production will rise without corresponding increases in cost.
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Answer:
Demand relationship is the relationship between the dominant prices of a good and the quantity that will be bought at that price.
Explanation:
Demand can be defined as the quantity of a good that consumers are ready to purchase at different prices at a given period of time.
The basic demand relationship is between potential prices of a good and the quantities that would be bought at those prices. The relationship is always a negative one, this implies that an increase in price will lead to a decrease in the quantity demanded. This negative relationship is represented in the downward slope of the consumer demand curve. Take for instance, if the price of a bag of rice rises from $10 to a price of $20, this is a huge price increase. This increase forces the consumer to demand less of that product at the price of $20 because the new price is more expensive and also very unreasonable for a bag of rice.
Answer:
$8,000
Explanation:
Given that
Profit = $1,200
Cost = 85% of sales
Profit = 15%
We know that
Sales = Cost + Profit
= 85% + 15%
= 100%
So sales percentage is 100%
Now we use the unitary method to find out the extra sales which would be
= Profit × sales percentage ÷ profit percentage
= $1,200 × 100% ÷ 15%
= $8,000
The answer to your question is a non-sufficient funds check.
Hope that helps! :)
Explanation:
The adjusting journal entry to record the given adjustment is shown below:
At the year-end
Insurance expense A/c Dr. A/c $800
To Prepaid Insurance A/c $800
(Being insurance expense is recorded)
The computation is given below:
= Prepayment done for 6 months insurance policy - expired insurance
= $1,200 - $400
= $800
