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3 years ago

What determines the number and prices of goods and services that will be

Business

2 answers:

KengaRu [80]3 years ago

7 0

Answer:

D. The law of supply and demand

Explanation:

A market economy is an economy that exists in a perfect market. The economy is controlled by the forces of demand and supply. This means that no party controls or determines the price nor the quantity in the market, but the law of demand and supply.

Troyanec [42]3 years ago

4 0

Answer:

D. The law of demand and supply

Explanation:

The law of supply states that all things being equal the higher the price the higher the quantity of a commodity that will be supplied. The law states that when the price of a commodity is high in the market, more of it will be made available to consumers and vice versa

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Inflation is best described as _____.(1 point)

Kryger [21]

Inflation is the situation money is losses some of its value due to general process levels rises in the economy.

Hence it can be best be defined as the increase in the amount of money and credit in the economy related to the supply of services and goods.

Thus its an upward, general trend of prices in the economy. Hence the option D is correct.

Learn more about the best described as.

brainly.com/question/15588968.

5 0

3 years ago

Read 2 more answers

Paradise Corp. has determined a standard labor cost per unit of $10.20 (1 hour × $10.20 per hour). Last month, Paradise incurred

bezimeni [28]

Answer:

Direct Labor Rate Variance = $825 favorable

Direct Labor Efficiency Variance = $510 favorable

Total Direct Labor Spending Variance = $1,335 favorable

Explanation:

The computations are shown below:

Direct Labor Rate Variance

= (Standard rate - Actual rate) × Actual hours

= ($10.20 - $16,005 ÷ 1,650 labor hours) × 1,650 direct labor hours

= ($10.20 - $9.7) × 1,650 direct labor hours

= $825 favorable

Direct Labor Efficiency Variance

= (Standard Hours allowed - Actual hours) × Standard rate

= (1,700 units × 1 hour - 1,650 hours) × $10.20

= (1,700 hours - 1,650 hours) × $10.20

= $510 favorable

Total Direct Labor Spending Variance

= Standard cost - actual cost

= 1,700 hours × $10.20 - $16,005

= $17,340 - $16,005

= $1,335 favorable

3 0

3 years ago

A company bases its predetermined overhead rate on direct labor cost. For next year, total factory overhead cost is estimated at

AlekseyPX

Answer:

Allocated MOH= $18,750

Explanation:

Giving the following information:

The estimated total factory overhead= $300,000

Total estimated direct labor cost= $240,000.

The actual direct labor cost was $15,000.

First, we need to calculate the estimated overhead rate based on direct labor cost. Then, we can allocate overhead.

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 300,000/240,000= $1.25 per direct labor dollar

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 1.25*15,000

Allocated MOH= $18,750

3 0

3 years ago

Which of the following is an expense of this period? Multiple Choice Costs of items paid for in this period but used up next per

OleMash [197]

Answer: Costs of items used up this period but paid for next period

Explanation:

Period Expenses for the period are transactions that should be expensed because they were used in the current period.

Therefore if a period cost is not used in the period, it is not considered a period cost even if the company pays for it in the current period which also means that if a period cost for the period is not paid in the current period but in the next one, it is still a period cost for the current period.

From the above therefore, the period cost is the cost of items used up in this period but paid for in the next one.

The land purchased might look like the obvious choice but it is not because Assets are capitalised and not expensed.

7 0

3 years ago

Bob operates Bob's Pizza, a small pizzeria that sells about 50 pizzas a day. Bob's daily total fixed costs are $100, and his dai

Sonja [21]

Available options are:

A. All of the choices are correct.

B. Average fixed costs would increase.

C. Marginal costs would increase.

D. Average variable costs would increase

Answer:

Option B. Average fixed costs would increase.

Explanation:

As the variable cost is the same which means that the marginal cost (All variable costs) would neither increase nor the average variable cost (Average variable cost due to fluctuating variable cost) would increase. Hence both Option C and D are incorrect.

Option B is correct because:

Average Fixed cost = (Initial Value + Value Now) / 2

Average Fixed cost = ($100 + $150) / 2 = $125

This means that the average cost has been increased.

6 0

4 years ago