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devlian [24]
4 years ago
12

When a firm is in a constant-cost industry, a decrease in demand will result in economic __________ (losses or profits) . This w

ill cause ___________ (exit from or entry into) the industry, resulting in _________ (an increase or a decrease) in supply over time. This long-run adjustment will eventually cause the price level to _________ (increase, decrease or remain constant) so that it eventually ____________ (return to the level it was, occur at a higher level than or occurs at a lower level than) before the demand shift. There will be firms ___________ (the same number of, more or fewer) in the industry. The long-run industry supply curve will be ____________ (horixontal, downward shifiting or upward shifting).
Business
1 answer:
labwork [276]4 years ago
4 0

Answer: When a firm is in a constant-cost industry, a decrease in demand will result in economic <u>losses.</u> This will cause <u>exit from</u> the industry, resulting in <u>a decrease</u> in supply over time. This long-run adjustment eventually cause the price level to <u>decrease</u> so that it eventually <u>occur at a higher level than</u> before the demand shift. There will be firms <u>fewer</u> in the industry. The long-run industry supply curve will be <u>downward shifting.</u>

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The graph shows a point of equilibrium.
Alekssandra [29.7K]

Answer:

The correct answer is that the price of the product will decrease in order to meet the equilibrium

Explanation:

Equilibrium point is the point where the quantity supplied is equal to the quantity demanded. And the equilibrium price as well as the quantity is evaluated through the intersection of the demand the supply.

When the quantity which is supplied is greater or more than the quantity demanded, it will create a situation of surplus. And if the product price is decreased or lowered down, then the quantity demanded of the product will increase or rise until it reached to equilibrium. In short, the surplus drives the price down.

7 0
4 years ago
Journalize the following transactions for Griffin Company. Assume a perpetual inventory system. Also, assume a constant gross pr
joja [24]

Answer:

1) October 1:

1.1

Debit Cost of Goods sold $3,600

Credit Merchandise $3,600

1.2

Debit Cash $6,000

Credit Revenue $6,000

2) October 7

2.1.

Debit Revenue $670

Credit Cash $670

2.2.

Debit Merchandise $402

Credit Cost of Goods sold $402

Explanation:

1. October 1: when sold goods, the company recorded Cost of Goods sold and revenue:

1.1

Debit Cost of Goods sold $3,600

Credit Merchandise $3,600

1.2

Debit Cash $6,000

Credit Revenue $6,000

2. October 7

The percentage of revenue that merchandise returned = $670/$6,000 = 11.17%

Assume a constant gross profit ratio for all items sold.

Cost of returned merchandise = $3,600 x 11.17% = $402

2.1.

Debit Revenue $670

Credit Cash $670

2.2.

Debit Merchandise $402

Credit Cost of Goods sold $402

5 0
3 years ago
Tastee Restaurant accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Tastee make
Lyrx [107]

Testee should make entry of Debit Cash.

<h3><u>What is debit?</u></h3>
  • A debit is an accounting entry that affects a company's balance sheet by increasing assets or decreasing liabilities.
  • In basic accounting, credits that operate in the inverse direction of debits balance each other out.
  • For instance, depending on the loan's terms, if a company takes out a loan to buy equipment, it will simultaneously debit fixed assets and credit a liabilities account. Sometimes "dr," the acronym for "debtor," is used to refer to debit.

Every double-entry accounting system has a debit option. The polar opposite of credits is a debit. Credits indicate money coming into an account, whereas debits represent money leaving it. As Debit Service Charge, Expense (3% of the revenue--$200) Credit Sales Revenue.

Know more about debit with the help of the given link:

brainly.com/question/12269231

#SPJ4

3 0
1 year ago
What are the effects of business on environment? List them. ​
Furkat [3]

Answer:

The four main environmental issues that are most likely to influence the activities of a business are climate change, pollution, sustainability and waste reduction.

Explanation:

4 0
3 years ago
Tammy, a single taxpayer, owns and operates LittleCo, a sole proprietorship that is a qualified trade or business. Tammy has $10
AveGali [126]

Answer: $15,000

Explanation:

As of December 31st 2017, eligible tax paying Sole proprietors are allowed to deduct up to 20% of their Qualified Business Income (QBI) from their domestic business. This also applied to QBI from domestic partnerships, S corporation, trust or estate.

For owners of the business, the QBI deduction is net of itemized deductions so with Tammy owning the business, her qualified QBI is;

= 20% * (100,000 - 25,000)

= $15,000

5 0
4 years ago
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