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nikklg [1K]
3 years ago
11

Explain how a price system moves a market toward the quilibrium price

Business
1 answer:
lions [1.4K]3 years ago
8 0

Answer:

By setting the price of goods and services at a level where the suppliers and consumers feel comfortable, the quantity of goods and services supplied will be the same as the quantity of goods demanded.

Explanation:

A price system is a means of arranging economic activities by setting the standard prices of goods and services in that particular economy. In this way the agents of demand and supply can have an estimate of the price of various goods and services. In this way, a supplier who doesn't know the price of a goods or service that he/she plans to sell to a different country or region can use the price system to adjust their selling price effectively. On the same note, the consumers can also acquire goods and services that they have never demanded before by using the price system to determine the standard prices for those goods or services.  

Prices are a reflection of the consensus between suppliers and consumers about the value of goods and services. The equilibrium price can be defined as the price where the quantity of goods supplied equals the quantity demanded. By setting the price of goods and services at a level where the suppliers and consumers feel comfortable, the quantity of goods and services supplied will be the same as the quantity of goods demanded.

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Luebke Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at th
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Answer:

Adjusted cost of goods sold = = $237,500

Explanation:

Given Opening inventory = $57,000

Cost Of Manufacturing for the month = $214,500

Closing value of inventory = $30,500

Net cost of Goods sold = Opening + Manufactured - Closing

= $57,000 + $214,500 - $30,500 = $241,000

Provided actual manufacturing overhead = $56,500

Applied to Work in process = $60,000

Difference between both of them = $60,000 - $56,500 = $3,500

Over applied cost of goods manufacturing overhead = $3,500

Charged to cost of goods sold

Thus cost of goods sold = $241,000

Adjusted cost of goods sold = Normal - Over applied = $241,000 - $3,500 = $237,500

Over applied manufacturing overhead has already been closed to cost of goods sold, that means that cost is included, now for adjusting such amount the value shall be deducted from cost of goods sold.

Final Answer

Adjusted cost of goods sold = Normal - Over applied = $241,000 - $3,500 = $237,500

6 0
3 years ago
As an eighth grader, Marliss wins an art competition, and her prize is one thousand dollars. She wants to invest the money for h
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Marliss will want to invest her money in a savings bond to help her save money for college. The correct answer is A. 
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Which of the following scenarios demonstrates the leverage effect on net operating income due to the existence of fixed costs?
morpeh [17]

Answer:

C) A 25% increase in sales resulting in a 30% increase in net operating income.

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(03.01 MC)
Svetradugi [14.3K]

Answer:the answer is A

Explanation:

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Answer:

I think the answer ought to be B. Social listening

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