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2 years ago

Which statement best explains the law of demand?

Business

1 answer:

Dvinal [7]2 years ago

7 0

Answer:

The quantity demanded by consumers decreases as prices rise, then increases as prices fall.

Explanation:

Demand refers to the quantity of products and services that consumers are willing and able to buys at a specific price. A customer must afford to pay and is ready to buy the product or service for it to be considered to be in demand.

According to the law of demand, there is an inverse relationship between demand and the price of a product. Should the price increase, demand moves in the opposite direction. A decrease in price will lead to a rise in demand. Customers will afford a larger quantity than before. Potential customers who could not afford the product can now buy it, thereby increasing demand.

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A process for two or more people coming together to operate an investment, such as partnerships or corporations, is

Ludmilka [50]

A process for two or more people coming together to operate an investment, such as partnerships or corporations, is Franchise.

<h3>What is franchise?</h3>

Franchise is a type of business that is owned and operated by an individual (franchisee) but that is branded and overseen by a much larger entity.

Advantages of owing a franchise are :

A franchise owner gets valuable help throughout the lifespan of the business.
Owning a franchise comes with a low rate of failure.

Therefore, franchise is a process whereby two or more people come together to operate an investment, such as partnerships or corporations.

Learn more about franchise here: brainly.com/question/3687222

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1 year ago

Lisa vozniak income statememt college accounting

lisabon 2012 [21]

Https://www.bartleby.com/solution-answer/chapter-2-problem-1mp-college-accounting-chapters-1-27-23rd-edition/9781337794756/mastery-problem-lisa-vozniak-started-her-own-business-we-do-windows-she-offers-interior-and/f6d28fa7-6a5b-11e9-8385-02ee952b546e

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2 years ago

Schell Company manufactures automobile floor mats. It currently has two product lines, the Standard and the Deluxe. Schell has a

ziro4ka [17]

Answer:

Schell Company

Overhead assigned: Standard Deluxe

a. Based on Labor hours $16,280 $9,460

b. Based on Machine hours $10,663 $15,076

Explanation:

a) Data and Calculations:

Total overhead = $25,740

Total Standard Deluxe Overhead Rate

Labor hours 1,170 740 430 $22 ($25,740/1,170)

Machine hours 7,000 2,900 4,100 $3.677 ($25,740/7,000)

Overhead assigned: Standard Deluxe

a. Based on Labor hours $16,280 $9,460

($22 * 740) ($22 * 430)

b. Based on Machine hours $10,663 $15,076

($3.677 * 2,900) ($3.677 * 4,100)

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2 years ago

A 5 percent increase in the price of milk that results in a 2 percent decrease in the quantity of milk demanded yields a price e

max2010maxim [7]

A 5 percent increase in the price of milk that results in a 2 percent decrease in the quantity of milk demanded yields a price elasticity of demand for milk of <u>"0.4".</u>

Price Elasticity of Demand (PED) is characterized as the responsiveness of amount requested to an adjustment in cost. The interest for an item can be versatile or inelastic, contingent upon the rate of progress in the interest regarding the adjustment in the cost.

Price Elasticity of Demand (PED) = percentage in Q.D / percentage change in price

by putting the given values in formula;

PED = 2/5 = 0.4

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2 years ago

What is a rate loan is one in which the interest rate charged on the balance fluctuates as market interest rates change, resulti

matrenka [14]

<span>This is a variable-rate loan. The interest rate changes due to market variations and the rates associated with the market. Some months can have higher rates (and thereby, payments), while other months could be the same or lower, leading to slightly lowered payments.</span>

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2 years ago