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Gnom [1K]
3 years ago
5

g Suppose Phil and Miss Kay are the only consumers in the market. If the price is $12, then the market quantity demanded is Ques

tion 7 options: a) 0 units. b) 2 units. c) 4 units. d) 6 units.
Business
1 answer:
juin [17]3 years ago
6 0

the market quantity demanded is 2 units.

Answer: Option B.

<u>Explanation:</u>

Market quantity demanded is the demand of a particular good that has been made by the consumers in the market which is negatively related to the price of the product.

Since it is negatively related with the price of that product, so with the rise of the price of the product, the quantity of the commodity demanded will decrease with the increase in the price of the commodity and vice versa. For this reason, the graph of this is negatively sloping.

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On January 1, 2017, Hannigan Company issued bonds with a face value of $600,000. The bonds carry a stated interest of 7% payable
mart [117]

Answer:

Explanation:

The journal entries are shown below:

Cash A/c Dr $582,000            ($600,000 × 0.97)

Discount on Bonds Payable A/c Dr $18,000

       To Bonds payable A/c    $600,000

(Being the issuance of the bond is recorded and the remaining balance is debited to the discount on bond payable account)

Cash A/c Dr $612,000            ($600,000 × 1.02)

       To Bonds payable A/c    $600,000

       To Premium on bonds payable A/c $12,000

(Being the issuance of the bond is recorded and the remaining balance is credited to the premium on bond payable account)

6 0
3 years ago
A physical inventory on December 31 shows 4,000 units on hand. Eneri sells the units for $13 each. The company has an effective
stira [4]

<em>Answer</em>:

<u>$52,000</u>

Explanation:

Remember, the FIFO inventory costing method records the inventory value based on the cost of the earliest (first) purchased or in hand balance.

The effective tax rate would usually be applied after the sales, however using FIFO we assume the first value of the inventory prior to the tax deduction.

= 4000 x $13

= $52,000

Therefore, the gross profit for the period is $52,000.

4 0
2 years ago
Read 2 more answers
Dog owners do not bear the full cost of the noise their barking dogs create and often take too few precautions to prevent their
almond37 [142]
Local governments address this problem by

b. making it illegal to "disturb the peace."

However, enforcement takes valuable resources from fighting crime. The local gov't should have a fine system. First time warning. Second time fine ($50) Third time increased fine ($100). Fourth time, court.
3 0
3 years ago
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Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. Jan. 15 Purchas
Darya [45]

Answer:

                                         VIGELAND COMPANY

                                           Journal Entries

Date                Description                                    DR                     CR

Jan 15            Merchandising Inventory              14,400

                      Cash                                                                       14,400

                      Being record of inventory purchase

April 1        Cash                                                     708,000

                 14% Note payable                                                      708,000

               Being the record of note payable issued

June 14      Bank                                                        26,000

                  Unearned Income                                                      26,000

             Being the record of deposit received

July 15         Unearned Income                                    2,850

                  Service  Revenue                                                          2,850

                Being the payment for the services rendered

Dec 12        Electricity bill payable                                26,760

                   Electricity bill expenses                                               26,760

              Being the unsetled bill for the year

Dec 31     Wages payable                                                 29,000

               Wages Expenses                                                              29,000

Explanation:

6 0
3 years ago
Dumphy and Funke are rival tattoo artists in the small town of Feline. There are no other tattoo artists in town. It costs $30 t
Soloha48 [4]

Answer: price competition

Explanation:

The type of competition would Funke and Dumphy likely engage in after the decrease in demand is price competition.

Price competition simply means when the companies in a particular industry lower their prices afsubst the prices of identical products in order to boost demand and sales.

Since there's a reduction in demand, Dumphy and Funke will engage in price competition to boost sales.

8 0
3 years ago
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