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Of course equilibrium can only occur at One price.


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In economics, if a good is inelastic, consumers have lost an interest in purchasing it. producers have lost an interest in manufacturing it. its supply or demand is too sensitive to price changes. its supply or demand is not sensitive to price changes.

In economics, if a good is inelastic, then its supply or demand is not sensitive to price changes.

Changes or fluctuations in market prices does not affect the supply and the Demand of inelastic goods.

Further Explanation;

  • Inelastic goods, are types of goods whose demand and supply is not affected by changes in market prices. That is an increase or decrease in market price does not affect their supply or demand.
  • When the price of an inelastic good changes, its supply and demand is unaffected.
  • Examples of such goods include, water and food. Therefore, for inelastic goods, the consumer buying strength and habits remain the same.

Demand and supply in determination of market price

  • Demand refers to the quantity of goods or services that consumers are willing and able to buy at a particular price while supply is the quantity of goods or services that suppliers are willing to supply to the market at a particular price.  
  • One of the factor that determine market prices are the forces of demand and supply, this is based on the ability and willingness of buyers and sellers to undertake selling and buying.
  • Buying and selling occurs at an equilibrium price that is agreed upon by sellers and buyers.  
  • This means the sellers and buyers are willing to exchange a certain quantity of a commodity at this price. Thus, price depends on the demand and supply in the market.
  • However, for inelastic goods such as water and food, the consumer has no option than to buy them at existing prices since they are necessity goods.

Keywords; Inelastic goods, demand and supply, market price.

Learn more about:

  1. Demand and supply; brainly.com/question/6749722
  2. Effect of supply and demand on market price: brainly.com/question/3522474

Level; High school  

Subject: Business

Topic: Demand and supply

Sub-topic: Types of goods

Posted in Business

The government has set a price floor on bread. Manufacturers cannot sell loaves for less than $5.00, which is a dollar above the market price. What will most likely result from this price control? The demand for bread will fall, which could result in an excess supply. The demand for bread will rise, which could result in an excess supply. The demand for bread will fall, which could result in a decreased supply. The demand for bread will rise, which could result in a decreased supply.

Draw the supply/demand curve. The line is above market equilibrium….the question literally states that the price rises, and since the supply curve has a positive slope (assuming unit elasticity), the supply will increase. Meanwhile, the demand curve has a negative slope (still assuming unit elasticity), so the demand for it will decrease. This will result in a surplus, aka, an excess supply.

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23-20 (Objectives 23-3, 23-4) The following are misstatements that might be found in the client’s year-end cash balance (assume that the balance sheet date is June 30): 1.The outstanding checks on the June 30 bank reconciliation were underfooted by $2,000. 2.A loan from the bank on June 26 was credited directly to the client’s bank account. The loan was not entered as of June 30. 3.A check was omitted from the outstanding check list on the June 30 bank reconciliation. It cleared the bank July 7. 4.A check was omitted from the outstanding check list on the bank reconciliation. It cleared the bank September 6. 5.Cash receipts collected on accounts receivable from July 1 to July 5 were included as June 29 and 30 cash receipts. 6.A bank transfer recorded in the accounting records on July 1 was included as a deposit in transit on June 30. 7.A check that was dated June 26 and disbursed in June was not recorded in the cash disbursements journal, but it was included as an outstanding check on June 30. Required a.Assuming that each of these misstatements was intentional (fraud), state the most likely motivation of the person responsible. b.What control can be instituted for each fraud to reduce the likelihood of occurrence? c.List an audit procedure that can be used to discover each fraud. 14-26 (Objectives 14-3, 14-4, 14-5) The following are commonly performed tests of controls and substantive tests of transactions audit procedures in the sales and collection cycle: 1.Account for a sequence of shipping documents and examine each one to make sure that a duplicate sales invoice is attached. 2.Account for a sequence of sales invoices and examine each one to make sure that a duplicate copy of the shipping document is attached. 3.Compare the quantity and description of items on shipping documents with the related duplicate sales invoices. 4.Trace recorded sales in the sales journal to the related accounts receivable master file and compare the customer name, date, and amount for each one. 5.Examine sales returns for approval by an authorized official. 6.Review the prelisting of cash receipts to determine whether cash is prelisted daily. 7.Reconcile the recorded cash receipts on the prelisting with the cash receipts journal and the bank statement for a 1-month period. Required a.Identify whether each audit procedure is a test of control or a substantive test of transactions. b.State which of the six transaction-related audit objectives each of the audit procedures fulfills. c.Identify the type of evidence used for each audit procedure, such as inspection and observation.

a.Assuming that each of these misstatements was intentional (fraud), state the most likely motivation of the person responsible.
He most likely used the money he withdrew and later replaced it with his own money.
b.What control can be instituted for each fraud to reduce the likelihood of occurrence?
Bank records can be used to cross check the checks that were released.
c.List an audit procedure that can be used to discover each fraud.
Bank records have to be referred to when doing audit procedures.
a.Identify whether each audit procedure is a test of control or a substantive test of transactions.
Steps 2,5, and 6
b.State which of the six transaction-related audit objectives each of the audit procedures fulfills.
Steps 3,4, and 5
c.Identify the type of evidence used for each audit procedure, such as inspection and observation.
Observation were used in steps 2,5,6 and inspection were used in 3,4,5.

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Sources of monopoly power A monopolist, unlike a competitive firm, has some market power. It can raise its price, within limits, without the quantity demanded falling to zero. The main way it retains its market power is through barriers to entry�that is, other companies cannot enter the market to create competition in that particular industry. Complete the following table by indicating which barrier to entry appropriately explains why a monopoly exists in each scenario.

Ban-lore In Entry Exclusive Dwnershlp Government- ol’ a Key mated Economies Scenarlo Raoul-an Honopollel of Scale In order to own and opelate a taxi, drivers are required to obtain a taxi medallion. ’7 ’3‘ ’7‘ The Aluminum Company of America (Alcoa) formerly controlled all U.S. sources of bauxite, a key component In the production of aluminum. Given that Alcoa did not sell bauxite to any other h h n companlu, Alcoa was a monopolist in the U.5. aluminum industry from the Iatchnineteenth ‘ century until the 19405. In the natural gas industry, low average total oosls are obtained only through large-scale production. In other words, the initial oost of setting up all the necessary pipes and hoses makes F‘- r‘ ”i“- it risky and, most likely, unprofitable for competitors to enter me market.

Posted in Business

1. Which of the following is not characteristic of a corporation? a. The financial loss that a stockholder may suffer from owning stock in a public company is limited. b. Cash dividends paid by a corporation are deductible as expenses by the corporation. c. A corporation can own property in its name. d. Corporations are required to file federal income tax returns. 2. Characteristics of a corporation include a. Shareholders who are mutual agents b. Direct management by the shareholders (owners) c. Its inability to own property d. Shareholders who have limited liability 3. One of the main disadvantages of the corporate form is the a. Professional management b. Double taxation of dividends c. Charter d. Corporation must issue stock 4. Under the corporate form of business organization a. Ownership rights are easily transferred. b. A stockholder is personally liable for the debts of the corporation. c. Stockholders’ acts can bind the corporation even though the stockholders have not been appointed as agents of the corporation. d. Stockholders wishing to sell their corporation shares must get the approval of other stockholders. 5. Those most responsible for the major policy decisions of a corporation are the a. Management. b. Board of directors. c. Employees. d. Stockholders. 6. Stockholders’ equity a. Is usually equal to cash on hand b. Includes paid-in capital and liabilities c. Includes retained earnings and paid-in capital d. Is shown on the income statement 7. The price at which a stock can be sold depends upon a number of factors. Which statement below is not one of those factors? a. The financial condition, earnings record, and dividend record of the corporation b. Investor expectations of the corporation’s earning power c. How high the par value d. General business and economic conditions and prospects 8. Which of the following accounts below is reported in the paid-in capital/stockholders’ equity section of the corporate balance sheet? a. Cash b. Stock Dividends c. Organizational Expenses d. Preferred Stock 9. The excess of issue price over par of common stock is termed a(n) a. Discount b. Income c. Deficit d. Premium 10. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 10,000 were subsequently reacquired. What is the number of shares outstanding? a. 40,000 b. 70,000 c. 50,000 d. 60,000 11. On April 1, 10,000 shares of $5 par common stock were issued at $22, and on April 7, 5,000 shares of $50 par preferred stock were issued at $104. Journalize the entries for April 1 and 7.

1. Which of the following is not characteristic of a corporation?

d. Corporations are required to file federal income tax returns.

2. Characteristics of a corporation include

d. Shareholders who have limited liability

3. One of the main disadvantages of the corporate form is the

b. Double taxation of dividends

4. Under the corporate form of business organization

a. Ownership rights are easily transferred.

5. Those most responsible for the major policy decisions of a corporation are the

b. Board of directors.

6. Stockholders’ equity

d. Is shown on the income statement

7. The price at which a stock can be sold depends upon a number of factors. Which statement below is not one of those factors?

b. Investor expectations of the corporation’s earning power

8. Which of the following accounts below is reported in the paid-in capital/stockholders’ equity section of the corporate balance sheet?

b. Stock Dividends

9. The excess of issue price over par of common stock is termed a(n)

d. Premium

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