That statement is true.
This usually happen for the commodities that are very crucial to our everyday lives, such as food, water, or oil.
No matter how much the price of these commodities increases, the demand for them will always remain constant.
Answer:
Total current liabilities 13,800
Explanation:
Current Liabilities:
Obligation to pay or do within a year.
We are on Dec 31th 20X2 so anything due on Dec 31th 20X3 or before this date, will be current.
Note payable 2,000 (due nov 1, 20X2)
Discount on NP (500)
Note payable net 1, 500
Unearned Revenues 9,200
(80% of the 11,500 will be provided during the year)
Account Payable 1,600
Total current liabilities 13,800
the allowance for doubtful account is a contra-asset account not a liability account.
The equity is not part of the current liabilities.
the dividends were declared and paid, so there is no dividend payable.
Answer:Explanation:
simple problems
a. it could bring about issues of traffic congestion
b. it could also cause pollution problems in the area.
intermediate problem
a. the car manufacturer may not be allowed to site such a project of large scale as this in the region
b. the region may not be an economiCally favourable place. the car manufacturer has to check this before going ahead.
complex problem
a. getting suitable workforce with required skills to work
b. Getting storage space for vehicles that have been manufactured.
Market research helps business understand the variables in a given market. Once the variables are understood the business can decide if and how it should enter the market. Examples could include the number and types of customers as well as competitors.
Answer:
the supply of oil is very inelastic and the demand for gasoline is inelastic over short periods of time.
Explanation:
In Economics, there are primarily two (2) factors which affect the availability and the price at which goods and services are sold or provided, these are demand and supply.
The law of demand states that, the higher the demand for goods and services, the higher the price it would be sold all things being equal. On the other hand, law of supply states that the higher the price of goods and services, the lower the supply.
The process involved in bringing oil to world markets can take years. Substitutes for oil-based products such as gasoline are limited. As a result, the supply of oil is very inelastic and the demand for gasoline is inelastic over short periods of time.
