Answer:
The correct answer is:
false (b)
Explanation:
Reduction in the price of a good or service in a competitive market leads to an increase in quantity demanded, which in turn leads to an increase in the production quantity, to cater for the increase in the volume of demand. Hence the reduction in the price of Jacques's fire engines will increase demand and in effect increase the production quantity. With respect to the total revenue, depending on the extent of demand increase, the total revenue might increase or even decrease. If the total demand exceeds the previous demand to make up for the reduction in price, the total revenue will increase, if not so, the total revenue will decrease.
Salutary products are products that have low immediate appeal but may benefit consumers in the long run.
<h3>What is Long Run?</h3>
There is a time frame known as the long run during which all cost and production elements are erratic. In the long run, businesses modify every expense, but in the short term, they can only affect prices by changing their production levels. A company may also anticipate competition in the long run, even though it may currently have a monopoly in the near term.
A long run is a span of time during which a manufacturer or producer can make production-related decisions with some latitude. Depending on the predicted profits, businesses can either increase or decrease their production capacity, or enter or leave a certain industry.
In order to achieve an equilibrium between supply and demand, firms that look at the long term understand that they cannot change output levels.
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Answer:
Closing inventory = 54,000 units
Explanation:
<em>The difference between profit under variable costing and under absorption costing is simply the value of the change in inventory.</em>
<em>Usually, a decrease in inventory would cause profit under absorption costing to be lower . This is so because cost of goods sold would become higher leading to a lower profit</em>
Difference in profit = POAR × change inventory
POAR- fixed overhead cost per unit- $10,
Difference in profit - $120,000
let the change inventory be y
120,000 = 30 × y
y= 120,000/30
y = 4000 units
Inventory at the end = opening inventory + change inventory
= 50,000 + 4000
= 54,000 units
<em>Note; An increase in inventory will produce a higher profit using absorption costing. Hence, we added the change inventory to the opening inventory, to reflect an increase in inventory</em>
The payment to be received on July 15 should be equivalent to $800.
<h3>What are payments?</h3>
The amount received for the purpose served or promised to be served by a seller is known as a payment. Generally, discounts are offered for making early payments.
The discount offered for a period of 30 days cannot be redeemed for payment done within 15 days.
Thus, option D holds true that the payment of $800 shall be received on July 15.
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Answer:
Wedding Clothings Inc.,
232 Wasington Drive,
Tennessee State,
United States of America.
33 Georgia county,
New York City.
Dear MaryJane,
Re: <u>Inquiry on your recent wedding dress order.</u>
I am writing to inquire about your recent order for a custom wedding suit. I notice that, you might be busy with the wedding planning and organization hence the reason why you forgot that you placed an order. In your order, you did not indicate what color you want, and your measurements. This two information is necessary to be able to provide you with the suit before your actual the wedding.
If you don't mind me asking, when exactly is the happy day going to be? And, also, it would be nice if you can spare some time and stop by in our shop in person inorder to pick out your suit. This is because, we do offer an incredibly wide selection of fine wedding attire. The opportunity would afford you the time to select an appropriate tie and shirt.
I would also suggest that you choose clothing for your best man and ushers, assuming that you are having a large wedding. We are prepared to provide the best in both custom and rental formal attire for your entire wedding party, regardless of how large or small it may be. Also, you could bring your fiancée along to coordinate the men’s clothing with the bridesmaid’s dresses. You know how picky women are about clothes.
If you can’t come by in person, you should send me a letter stating your measurements and indicating your color and style preferences, or call me at 633-4296. After we receive this information, we will need at least two weeks to complete the suit. Thank you for your cooperation in this matter.
Sincerely yours,
Janet McCoy (Sales Manager)
For: Wedding Clothings Inc.
Explanation:
