Answer:
The answer is 1. quantity demanded exceeds quantity supplied.
When the quantity demanded exceeds the quantity supplied, this makes room for a shortage of goods in the market a day and excess demand. Because of this, the price of existing products increase as a lesser number of goods has to be distributed among many people.
When such scenarios happen, the government can take actions such as importing goods from abroad.
Explanation:
Answer:
total revenue test: elastic. If demand is elastic, a decrease in price will increase total revenue, and an increase in price will reduce total revenue. total revenue: inelastic.
Explanation:
Answer:
Dr Cash $68,000
Cr Common Stock $68,000
Explanation:
1st July
The entry to record the capital investment of Yarwood who contributing $68,000 in cash would result in an increase in common stock and increase in company cash balance which means that increase in common stock must be credited and increase in cash balance must be debited.
Dr Cash $68,000
Cr Common Stock $68,000
