Price of elasticity of demand represents the measure of the change in the quantity demanded of a product in relation to its price change. The fact that Jessica buys each month exactly teh same quantity of the roduct (Big Mac) no matter what the price of the product ismeans that Jessica's price elasticity of demand for Big Macs is: 0.
In this situation the price of the product does not affect the demand.
Answer:
Using the adjusted balances, give the closing entry for the current year.
Explanation:
1
Db Insurance expense 6000
Cr Prepaid expenses 6000
2
Db Wages payable 4000
Cr Cash 4000
3
Db Depreciation expense 9000
Cr Accumulate depreciation 9000
4
Db Income tax expense 7000
Cr Tax payable 7000
12000*12= 14400 for a year
Answer:
Rises
Explanation:
If labor demand is downward sloping and labor supply is upward sloping , then when labor demand rises faster than labor supply , it is expected that real wages rises.
Labor demand is downward sloping means the demand for labor in the market is less as compared to the supply of labor which is high as compared to its supply so when the demand starts rises faster as compared to the supply then the available labor been less in quantity gets a chance to demand for high wages because of monopoly competition .
