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Answer:
84) The equilibrium is the only price where quantity demanded is equal to quantity supplied. At a price above equilibrium, like 1.8 dollars, quantity supplied exceeds the quantity demanded, so there is excess supply.
85) The equilibrium price and quantity are where the two curves intersect. The equilibrium point shows the price point where the quantity that the producers are willing to supply equals the quantity that the consumers are willing to purchase. This is the ideal quantity to supply
86) The existence of economic profits attracts entry, economic losses lead to exit, and in long-run equilibrium, firms in a perfectly competitive industry will earn zero economic profit.
87) The industry is in long-run equilibrium when a price is reached at which all firms are in equilibrium (producing at the minimum point of their LAC curve and making just normal profits). Under these conditions there is no further entry or exit of firms in the industry, given the technology and factor prices.
Explanation:
i dont know 82 or 83 sorry
Answer:
=$140
Explanation:
At the beginning of the year, the account had a credit(positive balance of $760)
Previously bad debt that has been reinstated, $120
The new balance will be $760 + $120 = $860
adjusting for the written-off accounts
=$860 - $740
=$140
Answer:
d. All of these answers are correct.
Explanation:
A market economy is where production decisions are made by the forces of demand and supply. Means of production are privately owned .
The government intervenes in a market economy for all the above stated reasons.
I hope my answer helps you.
