Answer:
The correct answer is letter "C": a result of more efficient resource allocation than would be observed in the absence of trade.
Explanation:
Trade has allowed societies to exchange their products according to their needs. Thanks to trade those goods are distributed accordingly more <em>efficiently </em>since, in isolation, countries would be specialists of certain types of products only which is unlikely to be enough to cover all the individuals' needs in those societies.
Answer:
1) many buyers and sellers, (2) free entry and exit
Explanation:
A monopolistic competition is when there are many buyers and sellers of heterogeneous goods and services. There are free entry of firms into and out of the industry. Firms set the price for their products. Buyers and sellers do not have perfect information. In the long run, monopolistic competition make zero economic profit.
A pure competition is characterised by many buyers and sellers of homogenous goods and services. Buyers and sellers have perfect information. There are no barriers to entry or exit of firms in the industry. Market price is set by the market forces. Firms make zero economic profit in the long run.
I hope my answer helps you
Answer:
Decrease the money supply from $120 to $100
Explanation:
If the monetary authorities reduces aggregate demand from AD3 to AD2, money supply decreases from $120 to $100. This decrease will cause a decrease in consumer spending. There will be a reduction of price levels and real output.
This is also called contractionary monetary policy and it causes interest rate to be higher there by reducing investments.
Answer:
World's journal entry to record the sales transaction is:
<em>Note Receivable ; Jax Recording Studio $8,200 (debit)</em>
<em>Sales Revenue $8,200 (credit)</em>
Explanation:
Music World is the seller and must recognize Revenue following the sale.The Revenue is initially recognized at the value of sale of $8,200. Music World must also recognize an Asset on the promissory note signed to the value of $8,200.
