Answer:
Explanation:
A monopoly is a market structure where there is only one supplier of a product and many buyers. An example of a monopoly is Microsoft; it is a price setter in the market. Abuse of monopoly power can occur when a firm dominates the market meaning no competitors within the industry. This abuse could be in form of limiting output or setting higher prices to benefit from supernormal profits . This therefore leads to less choice for consumers.Over time, monopolies can become less innovative because they do not have competition and causing the market to fail and be inefficient; the price mechanism fails to take into account all of the costs and/or benefits of providing and consuming a good.
Answer:
Glo-Brite Paint Company
1. Journal Entry:
Nov. 15:
Debit Withheld Taxes Liability $1,209.18
Credit Cash $1,209.18
To record the payment of withheld taxes to the Department of Revenue.
2. T-accounts:
Withheld Taxes Liability
Account Titles Debit Credit
Cash $1,209,18
Cash Account
Account Titles Debit Credit
Withheld Taxes Liability $1,209,18
Explanation:
a) Data and Calculations:
October withheld taxes = $1,209.18
b) Withheld taxes are government-mandated taxes withheld from employees for remittance directly to the tax authorities. Once they are withheld, they form a liability to the employer until remittance is made to the taxation authorities affected.
<u>Answer:</u>
a. The price of comparable Florida orange juice decreases.
a-a This would shift left and affect demand.
b. One hundred new fruit juice processing plants open in California.
b-a This would shift Right and affect demand
c. The price of a bottle increases significantly due to new government anti-shatter regulations.
c-a This would shift left and affect Demand
d. Researchers discover a new fruit juice processing technology that reduces production costs.
d-a This would shift right and affect demand
e. The average age of consumers increases, and younger people drink less orange juice
e-a This would shift left and affect demand
<u>Explanation:</u>
A state of market where market supply is equal to market demand thus understood as "market equilibrium". The price of equilibrium is the price of a good or service, if its supply is equal to the market demand for it.
A reduction in demand will trigger the price of the equilibrium to fall; the amount delivered will decrease. An increase in supply, unmodified for all other things, will provoke the price of equilibrium to fall; the amount requested will increase. While declining supply will cause the price of the equilibrium to rise; the demanded quantity will decrease.
Answer:
$450
Explanation:
Data given in the question
Number of the units produced is 50 units
Marginal revenue is $6
Now the output increase by 50%
So, the total revenue is
= Number of units produced × marginal revenue + increased output percentage × (Number of units produced × marginal revenue)
= 50 units × $6 + 50% of $300
= $300 + $150
= $450
We simply compute by applying the above information
Mass production is a direct result of demand, be from consumerism or during war, supplies.
Mass production exceeding demand levels however is bad for producers, it causes them to be devalued if the demand does not meet supply of the good.