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Fudgin [204]
2 years ago
13

Which of the following scenarios illustrates the law of demand?

Business
1 answer:
Genrish500 [490]2 years ago
3 0

Answer:

Option B is correct.

Explanation:

In order to answer this question correctly, we first need to understand the law of demands.

Law of demands: It says that the relationship of price and quantity demanded is inversely proportional. It means if the price of a particular product goes high, then the quantity of demand will be reduced. Similarly, if the price of the product is low then the quantity of demanded will be higher.

Here,

Option B is the most relevant to the Law of Demand which says that Kathleen eats more steak when the price is low. It means when the price is low, the quantity of steak demanded is higher in Kathleen's case. Furthermore, Kathleen eats less when the price is high. It means, when the price of steak is higher then the quantity of steak demanded from Kathleen is low.

Hence, Option B is the correct option which fulfills the law of demand.

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The following are several of the accounts from a recent balance sheet.
Burka [1]

Answer:

<u>Account Name</u>      <u>Balance Sheet Classification</u>    <u>DR or CR Balance </u>

1. Accounts Receivable                    CA                       Debit

2. Prepaid Expense                    CA                        Debit

3. Inventories                                    CA                       Debit

4. Long-Term Debt                   NCL                 Credit

5. Cash and Cash Equivalent    CA                 Debit

6. Accounts Payable                    CL                 Credit

7. Income Tax Payable                    CL                 Credit

8. Contributed Capital                    SE                         Credit

9. Property Plant and Equipment    NCA                 Debit

10. Retained Earning                    SE                  Credit

11. Short-Term Borrowing            CL                 Credit

12. Accrued Liabilities                    CL                 Credit

13. Goodwill (an Intangible Asset)  NCA                 Debit

 

Explanation:

6 0
3 years ago
Bagels and cream cheese are complementary goods. The price of flour, used to make bagels, has fallen. As a result, the equilibri
statuscvo [17]

Answer: When the price of the flour falls, the equilibrium price of the cream rises and the equilibrium quantity of the cream cheese also rises

Answer A is correct

Explanation:

if flour is cheaper, bagels are chepear so demand increases and both equilbrium price and equilibrium quantity rises

8 0
2 years ago
Family Furniture Corporation incurred the following costs. Identify the costs as variable, fixed, or mixed. 1. Wood used in the
Paraphin [41]

Answer:

Explanation:

1. Wood used in the production of furniture is a variable cost

2. Fuel used in delivery trucks is  variable cost

3. Straight Line depreciation on factory building is a Fixed cost

4. Screws used in production is a Variable cost

5. Sales staff Salaries is a Fixed cost

6.Sales commissions Variable

7.Property taxes Fixed

8. Insurance on buildings Fixed

9. Hourly wages of Furniture is Variable

10. Salaries of factory supervisrors is Fixed cost

11. Utillities is Mixed  cost

12. Telephone bill is a Mixed  cost

8 0
3 years ago
Marika received a tip from a close friend who is an executive manager of a publicly traded company called MicroGreen Inc. The ma
saveliy_v [14]

Answer:

<u>Information asymmetry.</u>

Explanation:

Information asymmetry is characterized as a market failure that causes power imbalance. This occurs when some party involved has more information than another party.

This situation is becoming more widespread in microeconomics, as it interferes with the classic concept that the free market must follow the concept of perfect competition.

But information asymmetry is a market failure that directly impacts business relationships, and causes cases of adverse selection and moral hazard.

Ideally, there should be greater transparency in the financial statements that are required to be published so that the risk of information asymmetry between the company and investors is reduced.

7 0
3 years ago
An existing client in her late 20s comes to the RR's office with her boyfriend. The couple are not married but they want to open
oee [108]

Answer:

1. As the RR, you should start acquiring all of the information needed to open the account from each joint owner.

2. Prior to purchasing the desired mutual fund, you should sit down with both joint owners and discuss the various risks associated with the investment.

Explanation:

In this situation, the RR must get all the relevant and important information that concerns opening the account and should also tell them the risks involved investing in such fund.

The RR should not just refuse to open the account because of risk he is not responsible for discussing what it means to open a JTWROS account.

Instead The RR has it as a duty to explain the implications of the JTWROS account to the client and her boyfriend

8 0
3 years ago
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