Answer: Progressive tax policy
Explanation: In a progressive tax policy the rate of tax increases with the amount of taxable income, thus, making it possible to tax the people with higher income high tax and the lower section of the society a low level of tax.
The concept of progressive tax policy is based on the concept of ability to pay and not necessity to pay.
Thus, from the above we can conclude that right option is A.
Much to the chagrin of established firms, one clear super trend is that products and services must get to market faster because "more competitors are offering targeted products."
This is because it has been observed that several start-ups firms offer similar products to what the established firms are had as a business idea. Not only that, but they also target the same group of consumers.
Therefore, to remain top of the game and beat the startups out of business, the established firms must ensure their business ideas are quickly turned into products or services and get to the market faster.
Otherwise, the startups will take over their business ideas and a huge part of their targeted consumers.
Hence, in this case, it is concluded that the established firms must be proactive if they want to remain above the rest of their competitors.
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Based on the principle of economics, the correct answer goes thus:
Economists distinguish among the immediate market period, the short run, and the long run by noting that:
- Elasticity of supply will increase when the number of producers selling a product decreases.
<h3>Immediate market run</h3>
Economists distinguish among the immediate market period, the short run, and the long run by noting that there will be increase in elasticity of supply.
In conclusion, we can conclude that the correct answer is the increase in elasticity of supply.
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The purchases discount account or discounts received account.
<em>Here's the remaining part of the question</em><em>:</em>
<em>Please analyze and place each item in the appropriate financial statement to which it belongs;</em>
<em> Revenues, Long-term liabilities, Owner's equity, Insurance expense, Land, Patents, Costs of Goods Sold, Income tax, Advertising expense, Insurance expense, Net change in cash, Accounts Receivable</em>
<u>Explanation</u>:
1. Balance Sheet: Note that this financial statement usually shows the asset and liabilities of the firm's account for a particular period of time. These items are found:
- Owner's equity,
- Patents,
- Long-term liabilities
- Accounts Receivable
- Land
2. Income Statement: this financial statement is primarily focused on the revenues and expenses expenses of the firm. Items found includes;
- Revenue,
- Costs of Goods Sold,
- Advertising expense,
- Income tax,
3. Statement of cash flow
