If the quantity supplied by producers is relatively insensitive to price changes, supply is price inelastic.
Inelastic demand is demand for which the change in quantity demanded is small due to changes in price. Demand is elastic if the formula yields an absolute value greater than 1. In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic.
For example, consumers are less price relatively insensitive if the product or service is unique or has few alternatives. Consumers are less price sensitive when total costs are low relative to total revenues. The total effort compared to the total cost of the final product also influences price sensitivity.
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If the quantity supplied by producers is relatively insensitive to price changes, supply is ______. Multiple choice question.
price inelastic.
quantity demanded.
relative price increase.
change in price.
Answer:
D) B and C would both be included in the journal entry
Explanation:
A deferred inflow of resources can be defined as an purchasing of net assets by the government of a country that is is going to be applied to a future reporting period.
Crediting the revenues control account tells weather cash has been received, or that a valid receivable exists. In practice, when property taxes are levied, a receivable is formed. The debit to property taxes that are receivable is offset by a credit to revenues to the level that the taxes are “susceptible to accrual;” that is to say, both measurable and available to pay liabilities of the fiscal period.
Answer:
D
Explanation:
Cost behavior is defined as the measure of the reaction of the cost to outputs in production and sales volume.It reveals the impact of changes in activities on cost.
This helps the management in planning and controlling its costs and drive profits.
Cost behavior can be useful to the manager in deciding whether to replace a machine or not as the efficiency rate of a machine tends to reduce due to impairment , causing a rise in cost.
So also , it can be useful in predicting profits as sales and production volume changes and also to estimate cost.