The receiver has that responsibility.
The supply curve for gasoline will change as a result of the discovery of a new crude oil reserve, resulting in a decrease in market-clearing prices.
<h3>What is the clearing price on the market?</h3>
The price at which the amount provided and the quantity demanded are equal is known as the market-clearing price. The market can only be "cleared" or balanced by this price. Prices typically rise toward market-clearing levels as a result of market competition.
When a business has an excess of a particular product that hasn't been sold at its regular price (such unsold summer apparel as the cooler season approaches), the store will often reduce the price until the surplus stock is sold, which is a straightforward example of "market clearing."
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Name the three factors of production:
1. land
2. labour
3. capital
Though sometimes entrepreneurship is included and occasionally land is excluded.
The payment for goods and services is the price, the hiring of factors is usually called wage or rent depending on whether we are discussing labor or capital.
Answer:
Note = $5,000
Interest rate = 6%
Time period = 120 days
The journal entry is as follows:
On July 12,
Account receivable A/c Dr. $5,100
To Notes receivable $5,000
To Interest revenue $100
(To record note dishonor)
Workings:
Interest revenue = $5,000 × 0.06 × (120÷360)
= $100