1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
DENIUS [597]
3 years ago
6

Suppose you were assigned the task of choosing a price that maximized economic surplus. What price would you​ choose? ​ Why? A.

Choose a price of zero because that is where consumer surplus​ (the area under the demand curve and above the​ price) is maximized. B. Choose a price ceiling below the equilibrium so that consumers​ won't have to pay too much. C. Choose the price where the quantity demanded equals the quantity supplied because that is the equilibrium condition. D. Choose the price where the quantity supplied is maximized because that is where output is the greatest. E. Choose the highest price possible because that is where producer surplus​ (the area above the supply curve and below the​ price) is maximized.
Business
1 answer:
mote1985 [20]3 years ago
8 0

Answer:

C. Choose the price where the quantity demanded equals the quantity supplied because that is the equilibrium condition.

Explanation:

The equilibrium price is the most ideal because at this price the consume is willing to buy, if price goes above this the consumer may look for an alternative and this will further increase surplus.

Also when there is surplus the suppliers will find a way to sell competitively at the equilibrium price.

You might be interested in
An Uber driver faces costs for driving that include sunk costs like insurance that contribute to the average cost per mile of $.
crimeas [40]

Answer: sunk costs don't increase as driving increases.

Explanation: sunk costs are irrelevant costs because they have already occured in the past and cannot be avoided. Sunk costs thus do not differ between alternatives, and are unavoidable. The calculation for insurance and other sunk costs are likely not based on the amount of rides the Uber picks up, but rather calculated at a constant rate. So regardless of whether or not the rider pays more or less than the $.50 on the insurance, this will not have any effect on the insurance that is constant and has likely already been paid out.

4 0
3 years ago
Johnny’s Drive-in pays its employees bi-weekly. The first payday of 2014 will be on January 3 and will compensate employees for
Sonbull [250]

Answer:

Accounts

Wages Expense

Wages Payable

$100,000

$100,000

Explanation:

As the expense is accrued but not paid at the end of 2013. The transaction requires an adjusting entry. This will charge a wages expense and create the wages payable liability. Ultimately on January 3 it will be paid. Wages for the two weeks are $100,000 and the 14 days has been passed for the pay period until year end of 2013.

5 0
3 years ago
Sheffield Corp. is planning to sell 1070 boxes of ceramic tile, with production estimated at 800 boxes during May. Each box of t
Zarrin [17]

Answer:

Results are below.

Explanation:

Giving the following information:

Production= 800 boxes

Each box of tile requires 0.50 hours of direct labor.

Employees of the company are paid $17 per hour.

<u>First, we need to determine the number of hours required:</u>

Number of hours= 800*0.5= 400 hours

<u>Now, the total direct labor cost:</u>

Direct labor cost= 400*17= $6,800

5 0
3 years ago
The output of u. S. Citizens who work in canada would be included in the
mestny [16]

The output of u. S. Citizens who work in Canada would be included in the: D. Gross domestic product.

<h3>What is gross domestic product?</h3>

Gross domestic product  can be defined as the value of goods or products produce within a country at a particular period of time.

If a united State of American citizen work in Canada the output of the United State citizen will be added to the Gross domestic product of Canada.

Therefore the correct option is D.

Learn more about gross domestic product here:brainly.com/question/1383956

#SPJ12

6 0
2 years ago
Direct Materials, Direct Labor, and Factory Overhead identify the following costs as direct materials, direct labor, or factory
Alexeev081 [22]

Answer:

a. Staples used to bind magazines - <u><em>Direct Material</em></u>

The staples are integral to holding the magazines so is a direct material.

b. Wages of printing machine employees. - <em><u>Direct Labor</u></em>

The printing machine employees are directly related to the magazine's production as they print it.

c. Maintenance on printing machines. -<em><u> Factory Overhead</u></em>

This cost is not directly associated with the publishing of the magazine so is an overhead.

d. Paper used in the magazine. -<em><u>Direct Material</u></em>

Without paper, the magazine can not be published which makes it a direct material.

6 0
3 years ago
Other questions:
  • What are examples of people creating intellectual property? Check all that apply.
    13·1 answer
  • Peterson Company estimates that overhead costs for the next year will be $3,400,000 for indirect labor and $850,000 for factory
    11·1 answer
  • Match each situation with the benefits that professional organizations provide
    13·1 answer
  • On January 1, 2018, Whittington Stoves issued $820 million of its 6% bonds for $756 million. The bonds were priced to yield 8%.
    13·1 answer
  • The Lighthouse Co. is in a downsizing mode. The company paid a $2.50 annual dividend last year. The company has announced plans
    9·1 answer
  • Terbium Corporation manufactures water toys. It plans to grow by producing high-quality water toys that are delivered in a timel
    11·1 answer
  • The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one prod-uct. Beginning in
    13·1 answer
  • What is cooperative skill​
    11·1 answer
  • What term is best described as the additional satisfaction gained from purchasing a good given the price of the product?.
    12·1 answer
  • Compound interest means that interest is calculated on:.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!