Answer:
the correct option is c) change in the money wage and other resource prices does not shift the long run aggregate supply
Explanation:
First of all aggregate supply can be defined as the sum total of all the goods and services that are supplied in the economy during a defined period of time.
In the given question the option C is right because it is assumed that in the case of long run aggregate supply , the supply curve tends to remain static because any kind of change in the aggregate demand causes only temporary changes in the total output of the economy and the slope of the curve remains vertical. It is also assumed that the economy is being used at optimal as only factors like labor, capital, and technology can bring in aggregate supply.
Options a) and b) can't be true because if the supply curve is gonna shift , it is first going to shift in short run aggregate supply then long run aggregate supply , not the other way around.
Answer:
The answer to this question is b. Yours will be positive and your roommate's would be negative.
Explanation:
Income elasticity of demand is the degree of responsiveness of demand to changes in income. In other words, it measures how changes in income of consumers will affect the quantity of commodities demanded by such consumers.
An income elasticity of demand can be positive or negative.
It is positive, when an increase in income leads to an increase in the quantity demanded by the customer. However it is referred to as negative when an increase in income leads to decrease in the quantity demanded by the consumer.
In the question above, it can be seen that the increase in income of the first person brought about increase in the commodity demanded thereby making his income elasticity of demand positive. one the other hand, the increase in the income of his roommate, brought about decrease in his demand which translate to the fact that his income elasticity of demand would be negative.
Hence the answer given.
Opportunity cost is something you gave up to do the other thing you want to do. This is basically the loss of potential gain you can have on a certain alternative because of choosing the other alternative. In this problem, the opportunity cost of writing the term paper is $140 dollars. This can be break-down as follows:
a. $60 opportunity cost<span> she has given up for not</span> working<span> on her job</span>
<span>b. $80 opportunity cost she has given up for not going out with a friend</span>
Answer:
Under the accrual basis of accounting (or accrual method of accounting), revenues are reported on the income statement when they are earned. When the revenues are earned but cash is not received, the asset accounts receivable will be recorded.
Answer:
C) Overapplied overhead
Explanation:
The ending balance of $8,000 represents the overhead overapplied as the credit side is more than the debit side related to production i.e as the credit side is $167,000 and the debit side is $159,000 so the credit side is greater than the $8,000
Therefore the correct option is c.
Hence, the other options are wrong
