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The supply curve slopes upward because at a higher price, producers have an incentive to produce more and supply a larger quantity.
More about the supply curve:
The supply curve illustrates the relationship between the price of an item or service and the volume delivered over a specific time period. In a typical scenario, the amount supplied will be shown on the horizontal axis and the price will be shown on the left vertical axis.
The law of supply is expressed by the supply curve, which rises from left to right: The amount supplied rises as a certain commodity's price rises. A new supply curve must be created if a component other than price or quantity changes.
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The answer for this question is: ONE
In this case, TREC stands for Texas Real estate commission. The Back-up contract is created to determine the buyer next-in line to purchase the property.
By making this, the seller will be obligated to approach next-in line buyer if the first buyer fail to fulfill the approved contract
Answer:
See below
Explanation:
1. Corrected amounts for 2020 cost of goods sold
= Cost of goods sold for 2020 - December 31, 2019 ending inventories overstated + December 31, 2020 ending inventories overstated
= $1,322,900 - $106,470 + $36,820
= $1,253,250
2. Correct amounts for December 31, 2020 retained earnings
= Retained earnings December 31, 2020 - December 31, 2020 ending inventories overstated
= 4,854,000 - $36,820
= $4,817,180
