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3 years ago

An increase in the price of a product will reduce the amount of it purchased because:

Business

1 answer:

jek_recluse [69]3 years ago

3 0

Answer:

C) consumers will substitute other products for the ones whose price has risen

Explanation:

When prices increase the consumer purchasing power effect and they prefer to substitute the low price product for the one whose price has risen to match their income and expenditure. Higher expenditure will result in the lack of savings. So the correct answer is C) consumers will substitute other products for the ones whose price has risen.

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The credit terms offered by Neutron Enterprise are 2/10, n/30. Neutron sold goods on account to James Company on Jun 14 for $300

Pie

Answer:

Cash A/C Debit $300

To James company $300

(Amount collected from James Company for credit sale)

Explanation:

Cash A/C Debit $300

To James company $300

(Amount collected from James Company for credit sale)

Note: The terms here provided that, 2/10, n/30.

Which means that 2% discount if payment made within 10 days, and total 30 days credit allowed.

Here the sales were made on 14 June, and payment received on 27 June that is it took more than 10 days as 10 days complete on 24 June.

Therefore, no discount will be offered.

5 0

3 years ago

If, as your taxable income decreases, you pay a smaller percentage of your taxable income in taxes, then the tax is

guajiro [1.7K]

If, as your taxable income decreases, you pay a smaller percentage of your taxable income in taxes, then the tax is Progressive tax.

<h3>What is meant by progressive taxes?</h3>

The average tax burden rises with income under a progressive tax. Low- and middle-income taxpayers bear a disproportionately tiny amount of the tax burden, compared to high-income families. A tax system that raises rates as taxable income rises is known as a progressive tax. Taxes on investment income, interest income, rental income, estates, and tax credits are a few examples of progressive taxes.

Based on the amount of tax you must pay relative to your income, taxes can be classified as regressive, proportional, or progressive. As your income declines, regressive taxes force you to pay a bigger proportion of your individual income in taxes. Tax reductions enhance people' discretionary income while reducing the government's revenue. Tax reductions typically refer to decreases in the percentage of income, commodities, and services subject to tax. Tax reductions serve as an illustration of an expansionary fiscal strategy since they give consumers greater discretionary income.

So, If, as your taxable income decreases, you pay a smaller percentage of your taxable income in taxes, then the tax is Progressive tax.

Learn more about Progressive tax here

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5 0

2 years ago

Which of the following identifies how much product transportation cuts into farmers' profits?

11Alexandr11 [23.1K]

Answer:

It can be 13 to 62 percent of retail sales.

Explanation:

Farmers grow crops after their day and night of struggle. They earn their livelihood by selling these crops. The transportation cost to commute crops from the farmers land to the retail market. If this transportation cost is minimized the farmers can earn better profit and raise their living standard. Also with better earnings farmers will be able to adopt new technological methods to grow agricultural products.

6 0

3 years ago

suppose ta hurricane hits alabama causing widespread damage to houses and businesses the governor of alabama places pirce cielin

Mamont248 [21]

Answer:

Shortages of building materials and a slower recovery from the storm

Explanation:

From the question we are informed about an instance, whereby a hurricane hits Alabama, causing widespread damage to houses and businesses. The governor of Alabama places price ceilings on all building materials to keep the prices reasonable. In this case,what most likely result is Shortages of building materials and a slower recovery from the storm.

From law of demand, which expressed that provided other factors remain equal, when price of a good goes higher, then there would be less demand of that good from

people and vice versa. higher price brings lower the quantity demanded, and lower price brings higher the quantity demanded, therefore in the case, above as the price of ceilings on all building materials so that price becomes reasonable people demand more and it leads to Shortages of building materials

6 0

2 years ago

Alalahanin at gawin, hakbang sa pag sulat Ng akademikong sulatin

maria [59]

Sorry I don’t speak Italian

6 0

3 years ago