Answer:
1. Actual Price
2. Misperceptions theory.
Explanation:
In the short run, the quantity of output that firms supply can deviate from the natural level of output if the ACTUAL PRICE level in the economy deviates from the expected price level. Several theories explain how this might happen.
For example, the MISPERCEPTIONS THEORY asserts that output prices adjust more quickly to changes in the price level than wages do, in part because of long-term wage contracts. Suppose a firm signs a contract agreeing to pay its workers $15 per hour for the next year, based on an expected price level of 100 Year.
The above explanations is the reason why the aggregate supply curve slopes upward in the short run
When town commons were broken up into private lots each farmer had to bear all the costs and all the benefits of his choices about how many animals to graze
<h3>
What is private lots?</h3>
- When non-governmental legal entities own property, it is referred to as private property. Private property can be distinguished from collective or cooperative property, which is owned by a collection of non-governmental enterprises, and from public property, which is owned by a state agency.
- Capitalism, an economic system based on the private ownership of the means of production, is built on the principle of private property. Different political ideologies draw different distinctions between private and personal property, with socialist perspectives drawing a clear line between the two. Private property is a legal concept that is established and upheld by a nation's political system.
To learn more about Private property with the given link
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Answer:
b. the Columbian Exchange.
Explanation:
The transatlantic flow of people and goods such as corn, potatoes, horses, and sugarcane is called the Columbian Exchange.
The Columbian exchange or interchange, refers to the monumental flow of humans, plants and animals between the continents of North and South America and West Africa; and was named after Christopher Columbus.
The Columbian interchange has been documented to have taken place in the in the 15th and 16th centuries: also referred to as 'the old world'
Answer:
D both A and b
Explanation:
For the fire inspectors, not only are they expected to confirm that appropriate materials are being used but also, to ensure that the quality are top notch. This is to prevent outbreak of fire. For example, in a place where metal bin with lid are to be used, if plastic bin is being used, there is high chances of fire outbreak occurring when a used cigarette stick is thrown into it.
Answer:
JOURNAL ENTRY :
Unrealized holding loss on purchase commitment - - - - - $48,700 Dr.
Estimated liability on purchase commitment ($990,700 - $942,000) - - - - 48,700 Cr.
Explanation:
Given the following :
Agreed purchase price of raw materials in 2018 = $990,700
Market value of raw material at 31, December 2018 = $942,000
JOURNAL ENTRY :
Unrealized holding loss on purchase commitment - - - - - $48,700 Dr.
Estimated liability on purchase commitment ($990,700 - $942,000) - - - - 48,700 Cr.
