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3 years ago

A decrease in the price of a good will lead to:_______

Business

1 answer:

butalik [34]3 years ago

6 0

Answer:

C. a movement down along the supply curve for that good.

Explanation:

A decrease in price would lead to a decrease in the quantity supplied and a movement down along the supply curve.

This is in accordance to the law of supply which says the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

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3 years ago

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2 years ago

QUESTION 25 A perfectly competitive firm faces a __________ demand curve. a. downward-sloping b. unit-elastic c. nonlinear d. pe

Alexus [3.1K]

Answer:

The correct answer is letter "D": perfectly elastic.

Explanation:

Perfect Competition is a theoretical market system where competition is at its highest level as possible. Perfectly competitive markets are characterized by:

All companies offer an equivalent product.
All companies are price takers.
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Buyers have full quality and pricing knowledge.
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3 years ago

The following is the general ledger for ABC Company as of December 31, 20X1. Use this information to answer questions (1) throug

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Answer:

What is the amount of gross profit to be reported on ABC Company’s 12/31/X1 income statement?

Gross Profit = Sales Revenue - Cost of Goods Sold

= $54,200 - 15,100

= $39,100

What is the amount of operating income (EBIT) to be reported on ABC Company’s 12/31/X1 income statement?

EBIT = Sales Revenue - Cost of Goods Sold - Operating Expenses

We have the following operating expenses:

Salaries expense $7,100

Rent expense = $4,900

Supplies expense = $1,300

Utilities expense = $4,800

Depreciation expense = $2,500

Total operating expenses = $20,600

Now we substract this figure from the gross profit we found above

EBIT = $39,100 - 20,600

= $18,500

What is the amount of earnings before taxes (EBT) to be reported on ABC Company’s 12/31/X1 income statement?

EBT = Sales Revenues + Interest Revenue - Cost of Goods Sold - Operating Expenses - Non-Operating Expenses.

EBT = $54,200 + $1,400 - $15,100 - $20,600 - $2,100

= $17,800

What is the amount of net income to be reported on ABC Company’s 12/31/X1 income statement?

Net Income = Sales Revenues + Interest Revenue - Cost of Goods Sold - Operating Expenses - Non-Operating Expenses - Tax Expense

We simply substract the Tax Expense ($3,700), from the EBT.

Net Income = $17,800 - $3,700

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2 years ago

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2 years ago

A decrease in the price of a good will lead​ to:_______

A decrease in the price of a good will lead to:_______