As the price of beef increases, consumption, which means that for the demand of beef , there is an inverse relationship between price and consumption.
Explanation:
We know that there is an inverse relationship between price and demand. If the price increases the demand for that commodity falls. On the other hand if the price decreases the demand for that commodity increases.
If the price of beef increases that leads to less demand for the consumption of beef on the other hand if the price of beef decreases which will lead to increase in the demand for the consumption of beef.
Answer:
Medlock will receive $2,940
Explanation:
Credit terms of 2/10, n/30 means there is a discount of 2% is available on payment of due amount within discount period of 10 days after sale with net credit period of 30 days.
According to given data
Sales = $3,000
As the payment is made within discount period, so discount will be availed
Discount = $3,000 x 2% = $60
Now deduct the discount from due balance to calculate the amount received.
Amount Received = $3,000 - $60 = $2,940
Answer:
b. In the short-run profits will be lower than normal.
Explanation:
a. An increase in demand means that customer desire for that good has increase. Thus, it is fair to infer that consumers have shown that they now consider the good to be more valuable.
b. It is actually quite the opposite, in the short-run, companies will be able to raise their prices and profits will be higher than normal.
c. The opportunity related to the increase in demand could be enough to attract resources from other industries into the market.
d. Since this is a perfectly competitive market, it tends to reach equilibrium and the market supply curve will shift right.
The false statement is alternative b.
Because north korean economy is weak, and resorces have to be protected.
