The law of supply is a fundamental principle of economic theory which states that, other factors held constant, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes
Acc 450 specific misstatement in one of a client's 2,000 accounts receivable is referred to as a(n) <u>known misstatement.</u>
There are two categories of errors: known and likely. The amount of specifically determined misstatements is what Section 312A.35 refers to as known misstatements.
For instance, it would be a known untruth if an unpaid invoice for items purchased or services supplied prior to the end of the period given was not recorded.
According to Section 312A.35, "the auditor's best assessment of the overall misstatements in the account balances or classes of transactions" is what is meant by "likely misstatements." When an auditor uses analytical or sampling techniques, probable misstatements may be found.
For instance, if an auditor applies sampling methodologies to a certain class of transactions and finds a known misstatement in the items examined, the auditor will project the known difference found in the samples to find the likely misstatement.
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The free-rider problem a<span>rises when people realize they will still receive the benefits of a good whether they pay for it or not.</span>
This shows a lack of responsibility. This is because he has a job to do and he is a just taking a break and being lazy. I don’t know if this is right. But, I hope so. Hope this helped you!!
Answer:
It has become more price inelastic
Explanation:
Elasticity of demand for any good can be defined as degree of responsiveness of any good with respect to change in demand factors like price or income. Hence it signifies consumer sentiments as how will the goods demand change when there is change in price.
Highly elastic goods mean that with slight change in price there is large change in demand of good.
Highly inelastic goods mean any change in demand factor like income, price will not affect the demand of the goods.
Now going for landlines telephone. With the widespread use of mobiles phones, usage of landline phones has decreased significantly. Hence any change in price for landlines is not going to affect it demand as very few people are using it.
Using the above mentioned rational we can say that It has become more price inelastic is the most suitable answer.
