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How would you paraphrase the definition of equilibrium price?Equilibrium price occurs when supply and demand quantities meet.Equilibrium price occurs when price and demand are consistent.Equilibrium price is established when buyers' and sellers' price and quantity are the same.Equilibrium price is established when buyers' and sellers' demand and production are the same.Question 2.2.What effect do price ceilings and price floors have on the markPrice ceilings cause an increase in demand and a decrease in quantity supplied, which result in market shortages.Price floors cause an increase in demand and a decrease in quantity supplied, which result in market surpluses.Price ceilings cause an increase in demand and a decrease in quantity supplied, which result in market surpluses.Price floors cause an increase in demand and a decrease in quantity supplied, which result in market shortages.Question 3.3.Which of the following statements best describes microeconomics versus macroeconoMacroeconomics is to details as microeconomics is to the total.Microeconomics is to inflation as macroeconomics is to product prices.Macroeconomics is to the big picture as microeconomics is to details.Macroeconomics is to the pieces as microeconomics is to the puzzle.Question 4.4.Which of the following expressions captures the meaning of opportunity cost?A penny saved is a penny earned.A fool and his money are soon parted.A stitch in time saves nine.There's no such thing as a free lunch.Question 5.5.Which countries would you predict have the highest and lowest opportunity cost associated with a strong military?Highest-Mexico; Lowest-North KoreaHighest-North Korea; Lowest-MexicoCountries with large armies will have the greatest opportunity costCountries with the small armies will have the greatest opportunity costQuestion 6.6.Bill has plenty of money to buy a new car, although he is reluctant to do so because he also wants to pay cash for his vacation this year. What element of a market economy prevents Bill from buying a new car in this scenario?Equilibrium priceCeteris paribusInitial demandDemand, because he is not also willing to purchase the carQuestion 7.7.If an economic system allows consumers to set the prices for goods, what economic phenomenon is at work?&#-96; Price fixingSupply/demandA shift in the production-possibilities curveThe invisible handQuestion 8.8.If someone told you that a demand curve is good, long-term evidence of the consumers' buying activity, would you agree or disagree?I would agree because of the correlation between demand and buying activity.I would agree; consumers tend to buy according to their demand for extended periods of time.I would disagree; the demand curve reflects only a willingness to buy only as long as the determinants of demand remain unchanged.I would disagree because there is no correlation between demand and buying activity.Question 9.9.What fundamental difference can you identify between the philosophies of Adam Smith and Karl Marx?Marx believed the market would best answer the what, how and for whom questions; Smith believed in a central planning system to answer these questions.Smith believed the market would best answer the what, how and for whom questions; Marx believed in a central planning system to answer these questions.Marx believed the consumer should set prices; Smith did not.Smith believed the government should control the factors of production; Marx did not.Question 10.10.If everyone were able to produce all the goods and services they wanted or needed with unlimited resources, what impact would such a phenomenon have on economics?There would be no product marketsThere would be no money systemThere would be more factors of productionThere would be more goods and services
Prepare a 350-word memo discussing the factors to consider when choosing accounting software. Analyze why each factor is important and the risks of not considering each factor.
Cumulative earnings for year prior to current week, $95,817; social security tax rate, 6.0% on maximum of $102,977; and Medicare tax rate, 1.5% on all earnings. What is the gross pay for the employee?
A company had net income of $242,000. Depreciation expense is $26,000. During the year, accounts receivable and inventory increased $15,000 and $40,000, respectively. Prepaid expenses and accounts payable decreased $2000 and $4000, respectively. T..
At the time of the notification, the note had a balance due of $15,500. What is the amount of loss, with respect to the note, that Hank's Auto may claim on the current year tax return?
Ramsey Company typically sells subscriptions on an annual basis, and publishes six times a year. The magazine sells 60,000 subscriptions in January at $10 each. What entry is made in January to record the sale of the subscriptions?
Which type of business organization will meet Desean's needs best and why? Discuss possible issues and/or limitations Desean may encounter as a result of choosing this business organization compared with others.
Briefly explain the rationale for a sale and leaseback and the advantages for firms engaging in such an exercise.
An employee of the restaurant, Jack, finds the purse and notifies the owner of the restaurant. Going in order from superior to inferior rights, who has the best rights for the purse?
Under Carl's will, Carl created a testamentary trust to be funded with $700,000 worth of assets. All of the income of the trust is payable to Carl's child, Jane, for her life, and thereafter, the remaining assets of the trust will pass to The Publ..
The break even or cost volume profit (CVP) model is based on a number of assumptions. Discuss these assumptions and whether or not they are correct in the real world. Finally, discuss how CVP analysis can be useful in planning. Describe the advant..
Go Blue's excellent record in account receivable is expected to continue, with 60 percent of the billings collected in the month of the sales and the remaining 40 percent collected two months after the sales.
Printers Inc. manufactures and sells a mid-volume color printer (MC) and a high-volume color printer (HC). Each MC requires 100 direct labor hours to manufacture, and each HC requires 150 direct labor hours.
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