Answer:
A price ceiling is a bar on the legal maximum price a commodity can be sold for while a price floor is the least legal price a commodity can go for.
The price ceiling is always greater than the price floor in this case it is not so, hence the price floor is not binding to the price ceiling.
the statements below is analyzed under price ceiling and price floor according to whether it is binding or nonbinding.
Explanation:
1. Due to new regulations, donut shops that would like to pay better wages in order to hire more workers are prohibited from doing so.
Statement one is neither a price ceiling nor a price floor and it is nonbinding
2. The government has instituted a legal minimum price of $1.80 each for donuts.
Statement two is a price floor and it is binding.
3. The government prohibits donut shops from selling donuts for more than $1.10 each.
Statement three is a price ceiling and it is binding.
Answer:
In a perpetual inventory system, the cost of goods is recorded at the time of sale. With a periodic inventory system, it's updated periodically.
Government policies specific to the entrepreneurs business is the answer. This is the only external factor.
Answer:
b. shoe-leather costs
Explanation:
The shoe leather cost refer to the cost of time and effort to reduce the amount of cash you have with the idea of not losing the value of the money because of a high inflation. So, what people do immediately after they receive the money is to change it to a foreign currency or make purchases as its value is lost quickly. Acording to this, the situation explained is an example of shoe-leather costs.
Products such as oil and petroleum stuff is what it so wealthy.
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