At $5 a bushel, there is an excess supply of wheat. Is this price above or below the equilibrium price?

Answers

Answer 1

Answer: It is a price floor above the equilibrium price.The price is too high so that the suppliers will produce more than the consumption.

Answer 2

Answer:

Since there is an excess supply of wheat, the price is above the equilibrium price because not enough consumers are willing to buy the good at $5 a bushel. So there is a decrease in demand for this product due to its high price.

Related Questions

Which of the following statement is TRUE? a. TIPS are a Treasury offering that protects investors from unexpected increases in inflation. b. A callable bond is one where the issuer is required to retire a certain amount of the outstanding bonds each year to ensure that all the bond principle is paid by final maturity. c. Treasury notes and bonds and municipal bonds are default risk free. d. The dirty price plus accrued interest is called the clean price of the security. e. Revenue bonds are backed by the full revenue of the municipality.
What is the stage in a business cycle called when real GDP stops falling?a. an expansion b. a contraction c. a trough d. a peak
Companies from the United States have built many factories in Mexico near the border. Why have so many U.S. factories moved to Mexico? The mild temperatures speed production. Mexico is a source of cheaper labor. There is no room to build in the United States. The United States has a shortage of skilled laborers.
Cleese Company sells merchandise on account for $5,000 to Langston Company with credit terms of 2/10, n/30. Langston Company returns $1,000 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check
Why might safety be more of a concern for a carpenter working on a construction site than for a joiner working in a workshop?Joiners are required to have safety certifications that jobsite carpenters do not have.Jobsite carpenters sometimes have to operate dangerous tools while standing on a ladder.Joiners do not use power tools whereas jobsite carpenters use power tools frequently.Jobsite carpenters generally work on industrial applications, whereas joiners work on residential jobs.

Johanna Taylor, a creative developer at Leo Technologies Inc., is developing a website for the company. To address the usability needs of website visitors, she ensures that visitors would be able to easily locate what they need on the website. She avoids flashy graphics and chooses a font with high readability. Joanna is most likely in the ________ stage of the SDLP.

Answers

Answer:

Design

Explanation:

The Design stage of Software Development Life Cycle is the crafting phase where a developer like Johanna Taylor in the scenario, would ensure that the features of the software meets the requirements and purpose of developing the software

On January 1, 2012, Sunland Company issued $18000000 of 8% ten-year bonds at 103. The bonds are callable at the option of Sunland at 105. Sunland has recorded amortization of the bond premium on the straight-line method (which was not materially different from the effective-interest method). On December 31, 2018, when the fair value of the bonds was 96, Sunland repurchased $4020000 of the bonds in the open market at 96. Sunland has recorded interest and amortization for 2018. Ignoring income taxes and assuming that the gain is material, Sunland should report this reacquisition as

Answers

Based on the information provided, Sunland Company should report the reacquisition of the bonds as an extinguishment or retirement of debt.

When a company repurchases its own bonds before their maturity date, it is considered an extinguishment of debt. In this case, Sunland repurchased $4,020,000 worth of bonds at 96% of their face value, which indicates a discount from the face value of the bonds.

To properly report the reacquisition, Sunland should record the following:

1. Retirement of Bonds Payable: Debit the Bonds Payable account by the face value of the bonds repurchased, which is $4,020,000.
2. Gain on Extinguishment of Debt: Credit the Gain on Extinguishment of Debt account for the difference between the carrying amount of the bonds ($4,020,000 * 96%) and their recorded value on the books.
3. Cash: Credit the Cash account for the amount paid to repurchase the bonds, which is $4,020,000.

It's important to note that the gain or loss on extinguishment of debt should be reported separately on the income statement, typically as a non-operating item. Additionally, the amortization of the bond premium and interest expense should also be recorded, as mentioned in the provided information.

For the situation in exercise 8, fashion an equitable remedy that might encourage cracked mirror to decide to keep its commitment to play at your prom.

Answers

Incomplete question. Here's the full text;

Cracked Mirror, a locally well-known rock group, contracts to play for your high school prom. A week before the dance, the group cancels its appearance. A teacher finds out that the band took the opportunity to perform in a concert that will pay them $800 more. The class president’s mother is an attorney and offers her services to the school.....In the question above, could you fashion an equitable remedy that might prompt Cracked Mirror to decide to keep its commitment to play at your prom? (Certain remedies that may come to mind could violate portions of the U.S. Constitution and therefore could not be pursued.)

Explanation:

A good remedy that comes to mind is the equitable remedy of Specific performance. The remedy of Specific performance is usually issued by a court order requiring a party to perform a specific action, as obliged in a contract.

Thus, by suing Cracked Mirrorrock group to pay monetary damages for its failure to perform could prompt them to keep its commitment to play at your prom, especially when the damages involves a significant amount.

An equitable remedy that might encourage Cracked Mirror to keep its commitment to play at your prom is to pursue specific performance through a lawsuit seeking a court order requiring them to fulfill their obligation.

An equitable remedy that might encourage Cracked Mirror to keep its commitment to play at your prom is to pursue specific performance. Specific performance is an equitable remedy in contract law, where a party can seek a court order requiring the other party to fulfill their obligations as promised. In this case, you could file a lawsuit seeking specific performance, asking the court to order Cracked Mirror to honor their commitment to play at your prom.

By seeking specific performance as an equitable remedy, you are demonstrating the seriousness of the situation and your desire for Cracked Mirror to fulfill their commitment. This legal action may incentivize Cracked Mirror to reconsider their decision and honor their agreement.

It's important to consult with a lawyer to assess the feasibility and effectiveness of seeking specific performance in your specific situation. They can provide guidance on the legal process and help you evaluate other possible remedies or courses of action.

Learn more about equitable remedy here:

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What happens in the labor market?A.)Unskilled people adopt skills for different jobs or professions.
B.)Different companies purchase capital.
C.)People who are willing and able to work offer their skills to firms for wages.
D.)People sell their produced goods and services to individual consumers.

Answers

Answer; C.
People who are willing and able to work offer their skills to firms for wages.
Explanation;
Labor market is the supply and demand of labor in which employees provide the supply and employers the demand.
In this market the workers find paying workers, employers find willing workers and wage rates are determined.

The answer would be : D. People who are willing and able to work offer their skills to firms for wages

To put it simply, labor market is a group of people that need works and available for the companies. The person with the most skills tend to be valued higher in the Labor market.

Pool Manufacturing manufactures parts for one type of pool. The managerial accountant provided the following data for April:Pool ManufacturingManufacturing Report for AprilNumber of parts produced40,000 partsStandard variable manufacturing overhead rate$35 per machine hourStandard hours required per part0.20 machine hoursActual machine hours3,250 machine hoursActual variable manufacturing overhead costs$102,000What are the actual variable manufacturing overhead costs in April associated with the manufacturing the pool parts?The actual costs in April associated with the manufacturing the pool parts = $102,000.The costs are given to you in the information in the problem.

Answers

Answer:

Actual variable manufacturing overhead = $102,000

Variable cost variance = $-178,000

Explanation:

Number of parts produced = 40,000 parts

Standard variable manufacturing overhead rate = $35 per machine hour

Standard hours required per part = 0.20 machine hours

Actual machine hours = 3,250 machine hours

Actual variable manufacturing overhead costs = $102,000

Standard hour required to produce 40000 parts = 0.2 × 40000

= 8000 hours

Standard variable manufacturing overhead = 35 × 8000

= $280,000

The actual variable manufacturing overhead costs in April associated with the manufacturing the pool parts is $102,000

Variable cost variance = actual variable manufacturing cost - standard variable manufacturing cost

Variable cost variance = 102000 - 280000

= -178,000

Variable cost variance is $-178,000 (favourable)

On a bank's balance sheet, ________ are assets and ________ are liabilities. a) reserves; loans and transactions deposits
b) loans and transactions deposits; reserves
c) transactions deposits; reserves and loans
d) reserves and loans; transactions deposits

Answers

Hey Friend.

C) is the answer. Transaction deposit is an asset since it increases what you already have, while reserves and loans decrease what you have, because you'll have to take out.

HEY.

C) IS THE CORRECT ANSWER.

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