Answer: The answer is a Common Law
Answer and Explanation:
There is no contract between Time's and Joshua, because it is not legally binding to each other and it has not been signed by either party. So not a single party is liable for the contract as the contract is unsigned and non-liable
Time has used it as a promotional means only for promoting magazine subscriptions.
Therefore, a case can not be built on letter-based basis.
Answer:
Explanation:
S/No Date Transaction Dr($) Cr($)
1 Oct.1 Rent Expense 3,600
Cash 3,600
2. Oct.3 Advert. Expenses 1,200
Cash 1,200
3. Oct.5 Supplies 750
Cash 750
4 Oct.6 Office equipment 8000
Accounts Payable 8,000
5 Oct.10 Cash 1 4,800
Accounts receivable 14,800
6 Oct.15 Accounts payable 7,110
Cash 7,110
7. Oct.27 Miscellaneous 400
Cash 400
8 Oct.30 Utilities Expenses 250
Cash 250
9 Oct 31 Accounts receivable 33,100
Fees earned 33,100
10 Oct.31 Utility Expense 1,050
Cash 1050
11 Oct.31 Drawings 2,500
Cash 2,500
The correct answer is B.
A price floor is a policy established by economic authorities that consists on setting a threshold so that the price of a certain product or service cannot decrease under that. It distorts the market outcome when it is larger than the equilibrium price, because the amount supplied at the price floor level would the larger than the amount demanded by consumers and, hence, there is an excess of supply or surplus. Therefore, <u>the market does not clear because the rationing function of prices has been externally influenced. </u>
A price ceiling is a similar policy established by economic authorities. A threshold is set so that the price of a certain product or service cannot increase over it. It distorts the market outcome when it is smaller than the equilibrium price, because the amount supplied at the price ceiling level would the smaller than the amount demanded by consumers and, hence, there is an excess of demand of shortage. Again, <u>the market does not clear because the rationing function of prices has been externally distorted. </u>
<em>A market clears when the equilibrium is reached and the amount supplied equals the amount demanded, so that the desires of both producers and consumers meet. </em>
