Answer:
Explanation:
The lunch plate industry in Oahu is a perfectly competitive industry.
This industry is also a decreasing cost industry. A decreasing cost industry can be defined as the type of industry where an increase in the number of firms in the industry causes the average production cost to decline.
The industry is currently in long-run equilibrium and has the price level at $5.
As the demand increases, the price level will initially increase. But this increase in the price will cause the profits to increase and thus attract potential firms to join the market.
As the number of firms increases the average cost of production will decrease. As a result, the supply in the market will increase more than the demand.
So the long-run equilibrium will be reestablished at a lower price than earlier.
Answer:
Explanation:
The adjusting entries are shown below:
A. Interest expense A/c Dr $370
To Interest Payable $370
(Being accrued interest adjusted)
B. Accounts receivable A/c Dr $1,830
To Service revenue A/c $1,830
(Being unbilled amount recorded)
C. Salary expense A/c Dr $900
To Salary Payable $900
(Being earned salaries are recorded)
Answer:
c. $1,300 gain
Explanation:
In this scenario, Susan recognized a $1,300 gain on this sale. This is because Susan originally purchased the stock for a total price of $6,000. When she sold the stock, she sold it for a higher price than what she originally paid for it therefore recognizing a gain. To calculate this gain we simply subtract her initial purchase price from her selling price of the stock which would give us a $1,300 gain.
$7,300 - $6,000 = $1,300
Answer:
D.Cash 1,274 Sales Discount 26 Accounts Receivable 1,300
Explanation:
The journal entry is shown below:
Cash A/c Dr $1,274
Sales Discount A/c Dr $26
To Accounts receivable $1,300
(Being cash received recorded)
The computation of the account receivable
= Credit sales - returned goods
= $1,800 - $500
= $1,300
And, the discount would be
= Accounts receivable × percentage given
= $1,300 × 2%
= $26
The remaining amount would be credited to the cash account.
The long-run aggregate supply curve shows the relationship between price level and real GDP.
<h3>What is the supply curve?</h3>
It should be noted that the information is incomplete. Therefore, an overview will be given. The supply curve is a graphic representation of the correlation between the cost of a good or service and the quantity supplied for a given period.
In this case, in a typical illustration, the price will appear on the left vertical axis, while the quantity supplied will appear on the horizontal axis.
The long-run aggregate supply curve shows the relationship between price level and real GDP that would be supplied if all prices were fully flexible.
The position of the long-run aggregate supply curve is determined by the aggregate production function and the demand and supply curves for labor.
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