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creativ13 [48]
3 years ago
13

When Joshua's income increases, he purchases more prime-rib dinners than he did before his income increased. For Joshua, prime-r

ib dinners are Group of answer choices a normal good. an inferior good. an optimal good. a Giffen good.
Business
1 answer:
elixir [45]3 years ago
8 0

Answer:

a normal good

Explanation:

A normal good is one that a consumer buys normally and when there is an increase in his income there is an increase in the demand of this good.

The opposite of this is an inferior good whose demand falls sometimes to zero as income increases. Consumers choose other goods to consume as income increases.

In the given instance where Joshua's income increases and he purchases more prime-rib dinners than he did before his income increased, this is a normal good for him.

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3 years ago
Delta Company performed $20,000 of services on account and recorded the amount due as a typical account receivable. Over time, i
Llana [10]

Answer:

D) No impact on the accounting equation.

Explanation:

  • Nothing would happen since the amount to be received would remain the same i-e $20,000, so there is no chance for increase in liabilities. Moreover, the there is no new services so that asset should be impacted.
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3 years ago
All competitive advantages do not accrue to large-sized firms. A major advantage of smaller firms are that they ____ (A) have mo
madam [21]

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4 0
3 years ago
In order to sell more goods​ and/or services, what must a monopoly​ do?
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<span>In order to sell more goods​ and/or services, what must a monopoly​ do? Reduce price and increase output. A monopoly is when a company or a product has control in the industry. The supply or trade of this item or service is limited. For a monopoly to sell even more, they should reduce the price and increase their output because they have no competitors. 

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7 0
3 years ago
Suppose Nicholas owns a business making Christmas tree ornaments. Currently, he makes 300 ornaments a month. At this level of pr
Fudgin [204]

<u>Solution and Explanation:</u>

1. MC = Cost of raw material + Cost of time

MC = 5 plus (10 divide by 2)

MC = $10

2.  TFC = $300

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Reason: P = MR = $15 ,  MC = $10

Since MR > MC, and at the profit maximizing point MR = MC, it is better for Nicholas to increase his output.

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Since MR > MC, and at the profit maximizing point MR = MC, it is better for Nicholas to increase his output.

3 0
4 years ago
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