Incomplete question.
Options;
a. A decrease in the price level and an increase in real output.
b. An increase in both the price level and real output.
c. An increase in the price level and a decrease in real output.
d. A decrease in both the price level and real output.
Answer:
c. An increase in the price level and a decrease in real output.
Explanation:
Remember, aggregate supply often refers to the total output of goods and services in an economy available for sale While aggregate demand refers to the total value of the money spent on the goods and services produced in an economy.
Note also, what this means is that as a result of the severe oil-cutoff, the supply of oil would reduce greatly, and with lower supply in the short-run; we would expect the price level to increase.
However, as the price level increases, in the short-run, there would be an immediate decrease in the real output of oil among producers.
What federal agency or agencies is/are responsible for: _______
a. regulating labor-management relations in the airlines.
b. regulating price-fixing and other anti-competitive practices in aviation and aerospace.
c. operating the air traffic control system.
d. regulating labor-management relations in the aerospace industry.
e. research and development in aerodynamics and aviation technology.
Will mark
Which type of advertising does a business use to enhance its image in the market and society?
Through (__________) advertising, businesses try to enhance their reputation in the market as well as society.
Answer:
Sales
Explanation:
Answer:
institutional
Explanation:
Just took test
institutional advertising to promote the reputation and image of your business. Such advertising does not focus on your offerings to customers
If research in the management area cannot be 100% scientific, why bother to do it at all? Comment on this question
Answer:
I can rearrange the words and add a couple of them to this statement and say that scientific research cannot be 100% accurate, so why bother to do it at all?
Management is a social science, therefore, most of the research carried out will not follow the scientific method since the number of variables are virtually infinite, e.g. there are trillions of variables in an economy like personal tastes and preferences of each individual, different income levels, how taxes affect each individual, individual savings habits, how marketing affects each individual, etc.
Some microeconomics research follows the scientific method but under very specific and controlled circumstances.
Research is an important tool for planning, and planning is one of the basic functions of management. Research can help a manger to predict future events, usually based on existing data and including new factors that can alter consumers' habits and decisions, e.g. research that tries to determine the future demand of hybrid (or electric or any other type of alternative fuel) vehicles based on historical demand of vehicles plus how will consumers' habits and preferences change in the future regarding green technologies.
Since we are dealing with humans, and humans are extremely unpredictable, research can serve management as a guide, but it doesn't represent an exact figure.
This is the same reason why no two analysts value stocks or companies in the same way, since subjective factors always exist, e.g. will large numbers of consumers accept electric cars, or will they prefer only hybrids, or would they accept other technologies like hydrogen instead. The previous Honda Civic which ran on compressed natural gas used to be the greenest car, but very few people accepted it. The Honda clarity runs on hydrogen, but still only Californians seem to like it. But Tesla is now the most valuable car company even though it barely sells any cars at all. According to market research, everyone will start buying Teslas in the near future and no one will buy any other brand (Tesla is worth more than virtually all other car companies combined), but is that research accurate? Only time will tell.
Which of these was the first government of the United States?
Group of answer choices
Constitution
Declaration of Independence
Articles of Confederation
Mayflower Compact
Answer:
Declaration of independence
Explanation:
I did that test yesterday lol
Answer:
3. Articles of Confederation
Explanation:
Hope this helps!
Sylvester Motors Inc. has the following balances at the end of the accounting period:
Items
Amount
$
Plant and Machinery 80,000
Notes Payable 5,000
short-term loan payable in 7 months 40,000
Taxes Payable 4,000
Mortgage 30,000
What is the total of the current liabilities of Sylvester Motors?
A.
$45,000
B.
$85,000
C.
$49,000
D.
$34,000
Answer:
C $49,000
Explanation:
none
A firm's stock is selling for $79. The next annual dividend is expected to be $2.00. The growth rate is 11%. The flotation cost is $7. What is the cost of retained earnings?
Answer: 13.53%
Explanation:
The following information can be gotten from the question:
Price of stock, Po = $79
Growth rate, g = 11%%
Dividend, D1 = $2.00
Ks = Unknown
Po =D1/(Ks-g)
Therefore, Ks = g + D1/P0
= 11% + 2.00/79
= 0.11 + 0.0253
= 0.1353
= 13.53%
Floataton cost is not relevant here as it is used only for Issue of stock.
Question 2 of 20
The United States is considered to have a high standard of living because:
A. its businesses rarely have to pay taxes to the federal government.
B. it receives economic aid from many foreign countries.
C. its citizens and businesses control a large amount of wealth.
D. it ties the value of its currency to gold and other precious metals.
Standard pf living is a way of life and includes the total profitability of the nation. Employment, opportunities and income availability, and ease of affordable goods and services.
The standard of living is generally applied to the location rather than to the individual. It is affected by the factors mentioned above. The US has a high value of life or living due to wealth, income, and housing.Hence the option C is correct.
Learn more about the United States is considered to have a high standard of living.
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Answer: C
Explanation:
Just took the test
please help
Match the symptoms of older engines with the extra benefit of high-mileage oils: More rapid rate of engine wear.
A) Contain special seal conditioners to help leaksB) Extra detergents to reduce depositsC) Extra anti-wear additives to reduce friction
Hi, your question is incomplete. Attached is the full question.
Explanation:
Engine seals become brittle & shrink ⇒ Contain special seal conditioners to help leaks causing leaks.More rapid rate of engine wear ⇒ Extra anti-wear additives to reduce friction.Increased blow-by gases and deposit ⇒ Extra detergents to reduce deposits formation.Answer:
Extra detergents to reduce deposits
Explanation:
I just got that right on my test!
What is the plowback ratio for a firm that has earnings per share of $12.00 and pays out $4.00 per share as dividends?
a. 25.00%
b. 33.33%
c. 66.67%
d. 75.00%
Answer:
66.67%
Explanation:
A firm has an EPS of $12
The dividend paid is $4
The first step is to calculate the payout
= 4/12
= 0.3333×100
= 33.33
Therefore the Plowback ratio can be calculated as follows
= 1-33.33%
= 0.667×100
= 66.67%
Hence the Plowback ratio is 66.67%
Your company has net sales revenue of $50 million during the year. At the beginning of the year, fixed assets are $22 million. At the end of the year, fixed assets are $24 million. What is the fixed asset turnover ratio
Answer:
Fixed assets turnover= 2.17
Explanation:
Calculation for The fixed assets turnover
Using this formula
Fixed assets turnover = Net Sales Revenue / Average Fixed Costs
Let plug in the formula
Fixed assets turnover = $ 50 Million / [ ( $ 22Million + $ 24Million) /2]
Fixed assets turnover =$ 50 Million / ($46Million /2)
Fixed assets turnover=$ 50 Million / $23 Million
Fixed assets turnover= 2.17
Therefore Fixed assets turnover will be 2.17
Mr. Ghani wants to deposit his savings of Rs. 50,000 in a bank which offers 8% interest compounded semi-annually to withdraw Rs. 2,500 at the end of each six months from the date of deposit. How many withdrawals will he or his heir (in case of his death) be able to make before the entire amount is exhausted
Answer:
How many withdrawals will he or his heir (in case of his death) be able to make before the entire amount is exhausted is explained below in detail explanation.
Explanation:
Let the no of withdrawals be n, then
Present value of n withdrawals = 50000
Interest rate per 6 months =8%/2 =4%
Withdraw amt/(Int rate)*(1-1/(1+interest)^n) = 50000
=> 2500/0.04*(1-1/1.04^n) = 50000
1/1.04^n = 0.2
1.04^n = 5
=> n = ln(5) / ln(1.04) = 41.03
Total 41 withdrawals of Rs.2500 can be made (with a smaller 42nd installment of less than Rs.2500)
ABC Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small
tools, power equipment for trench-digging and fencing, grain dryers, and bar winches. Most
products are sold direct via its company catalogue and internet site. However, given some of its
speciality products, select farm implement stores carry ABC's products. Pricing and cost
information on three of ABC's most popular products are as follows
Item
Mini - trencher
Power fence hole auger
Grain/hay dryer
Standalone selling Price (Cost)
$3,600 (S2,000)
1,200 ($800)
14.000 ($11,000)
Respond to the requirements related to the following independent revenue arrangements for ABC
Ranch and Farm
a. On January 1,2019 ABC sells 40 augers to Mills Farm & Fleet for $48,000. Mills signs a
6-month note at an annual interest rate of 12%. ABC allows Mills to return any auger that
it cannot use within 60 days and receive a full refund. Based on prior experience, ABC
estimates that 5% of units sold to customers like Mills will be returned (using the most
likely outcome approach). ABC's costs to recover the products will be immaterial and the
returned augers are expected to be resold at a profit
Required: Prepare the journal entry for ABC on January 1,2019. (6marks)
b. On August 10,2019 ABC sells 16 mini trenchers to a farm co-op in westem Minnesota
ABC provides a 4% volume discount on the mini trenchers if the co-op has a 15% increase
in purchases from ABC compared to the prior year. Given the slowdown in the farm
economy, sales to the co-op have been flat, and it is highly uncertain that the benchmark
will be met
Required: Prepare the journal entry for ABC on August 10,2019, (4 marks)
c. ABC sells three grain/hay dryers to a local farmer at a total contract price of $45,200. In
addition to the dryers ABC provides installation which has a standalone selling price of
$1,000 per unit installed. The contract payment also includes a $1,200 maintenance plan
for the dryers for 3 years after installation. ABC signs the contract on June 20, 2019 and
receives a 20% down payment from the farmer. The dryers are delivered and installed on
October 1 2019 and full payment is made to ABC
Required: Prepare the journal entries for ABC in 2019 related to this arrangement.
Answer:
ABC Ranch & Farm
a. Journal Entries:
Jan. 1, 2019:
Debit Notes receivable (Mills Farm & Fleet) $48,000
Credit Refund liability ($48,000 * 5%) $2,400
Credit Sales revenue $45,600
To record the sale of 40 augers for a 6-month note at 12% interest.
January 1, 2019:
Debit Cost of goods sold $30,400
Credit Inventory $30,400
To record the cost of goods sold, less estimated return of 5%.
b. Journal Entries:
August 10, 2019:
Debit Accounts Receivable $57,600
Credit Sales revenue $57,600
To record the sale of 16 mini trenchers to a farm co-op.
August 10, 2019:
Debit Cost of goods sold $32,000
Credit Inventory $32,000
To record the cost of goods sold.
June 20, 2019:
Debit Cash Account $9,040
Credit Deferred Revenue $9,040
To record the receipt of the down payment.
October 1, 2019:
Debit Deferred Revenue $9,040
Credit Sales Revenue $9,040
To record revenue for goods sold.
Debit Cash Account $36,160
Credit Sales Revenue $32,051
Credit Service Revenue (Installation) $2,935
Credit Service Revenue (Maintenance) $1,174
To record the receipt of full payment for goods sold and installation and maintenance services.
December 31, 2019:
Debit Service Revenue (Maintenance) $1,076
Credit Deferred Revenue $1,076
To record the deferred revenue for maintenance.
Explanation:
A) Data and Calculations:
Item Standalone selling
Price (cost)
Mini -trencher $3,600 ($2,000)
Power fence hole auger $1,200 ($800)
Grain/ Hay dryer $14,000 ($11,000)
Sale of grain/hay dryers: Allocation of Contract
Price of $45,200
Sale revenue $14,000 * 3 = $42,000 $41,091 (42,000/46,200 * 45,200)
Installation fee $1,000 * 3 = 3,000 2,935 (3,000/46,200 * 45,200)
Maintenance fee for 3 years 1,200 1,174 (1,200/46,200 * 45,200)
Total $46,200 $45,200
June 20, Down payment ($45,200 * 20%) = $9,040
October 1, Full payment ($45,200 * 80%) = $36,160
Total payment $45,200
Maintenance fee:
Deferred Revenue (1,174*33/36) = $1,076
Maintenance fee revenue (1,174* 3/36) = $98
Gibson Valves produces cast bronze valves on an assembly line, currently producing 2000 valves per shift. If the production changes to 1600 valves per shift, labor productivity will change by:
Answer:
25%
Explanation:
Calculation for the change in labor productivity
Using this formula
Change in labor Productivity = (New Productivity - Old Productivity)/Old Productivity
Let plug in the formula
Change in labor Productivity= ($2,000-$1,600)/$1,600
Change in labor Productivity= $400/$1,600
Change in labor Productivity= 0.25*100
Change in labor Productivity=25%
Therefore labor productivity will change by: 25%
This year Randy paid $29,050 of interest on his residence. (Randy borrowed $464,000 to buy his residence, and it is currently worth $514,000.) Randy also paid $2,850 of interest on his car loan and $4,725 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances
Answer:
the last part of the question is missing, so I looked for it:
a. Randy received $2,200 of interest this year and no other investment income or expenses. His AGI is $75,000.
b. Randy had no investment income this year, and his AGI is $75,000.
a) Randy can deduct $31,575:
the mortgage interest is deductiblethe car loan interest is not deductiblehe can deduct $4,725 - $2,200 = $2,525 as investment interest expenseb) Randy can deduct $29,050
the mortgage interest is deductiblethe car loan interest is not deductiblesince he had no investment revenue, he cannot deduct any investment interest expenseWhat risks do you think you would face if you were a successful manager in a large organization who suddenly had an offer to go into business for yourself? Why do you think Treadwell decided to become a multi-brand franchisee instead of staying with KFC?
Answer: I would consider the risk, factor of starting a new market and seeing it become better.
Treadwell decided to become a multi-brand franchise instead of staying with KFC,because he gained a full understanding of the retail fast food industry.
Explanation:
Starting a new business requires a lot of patience, strategic planning, funds, and a lot of policies to put in place. As a manager coming from a bank of exposure, you would be experienced but it would still require you building a brand, which isn't easy as you'll have to face completions from already existing marketers, but the right policy, good competitive edge would set you up for the best, but would need a lot of work.
Treadwell decided to become a multi-brand franchise instead of staying with KFC,because he gained a full understanding of the retail fast food industry. His experience revolved around how the corperate structure works, branding and what sets the motion for the organization. This were well enough for him to handle a brand for himself
Scribe Company reports net sales of $800,000, gross profit of $560,000, and net income of $230,000. What are its operating expenses?
Explanation:
we should use income statement to find the new profit and the gross profit first then we can find out the expenses while doing it down on the statement anything which had written expenses is expenses.
10.
The average age of 6 girls is 8 yrs 4mths. Find their total age.
A. 60 yrs 0 mth
B. 61 yrs 3mth C. 50 yrs 3mth D. 50 yrs
Answer:
50yrs 4 mth
Explanation:
Because 8yrs 4mth × 6 girls = 50yrs 4mth
The total age of 6 girls is 50 years. The correct answer would be an option (D).
What is the arithmetic mean?The arithmetic mean is defined as the ratio of the sum of observations to the total number of observations. It can be referred to as the average of a specific set of data or the arithmetic mean.
The total age of the 6 girls can be calculated by multiplying the average age by the number of girls.
Since the average age is 8 years 4 months, we can multiply this by 6 to find the total age:
Total age = 8 years 4 months × 6
Total age = 48 years 0 months + 24 months
Total age = 48 years + 2 years
Total age = 50 years
Therefore, the total age of 6 girls is 50 years.
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Megan and Steve have found a home they want to purchase. The selling price is $320,000. They will put 20% down and get a 30 year, 6% APR, monthly payment mortgage. Insurance is $1,800 per year and taxes are $3,000 per year. What is their monthly PITI?
a. $1,684.85
b. $1,784.85
c. $1,934.85
d. $1,534.85
Answer:
c. $1,934.85
Explanation:
given data
selling price is $320,000
down payment = 20 %
APR r = 6% = 0.005 monthly
Insurance amount i = $1,800 per year
taxes T = $3,000 per year
Total time period n = 30 year = 360 months
solution
first we get here Principal Amount on the Loan that is
P = $320,000 - 20% down payment
P = $320,000 - $64,000 = $256,000
and now we get here Monthly PITI Payment that is express as
C = [tex]\frac{r\times P }{1-(1+r)^{-n}} + \frac{T}{12} + \frac{i}{12}[/tex] ...............1
C = [tex]\frac{0.005 \times 256000 }{1-(1+0.005)^{-360}} + \frac{3000}{12} + \frac{1800}{12}[/tex]
so The Monthly Payment is $1934.85.
correct answer is c. $1,934.85
Poland Springs produces a variety of bottled water beverages, and as the market continues to show growth potential for new flavors and varieties of bottled water, the company should ________ its product lines
Answer:
Increase the depth of.
Explanation:
As the above case may be a product line can explain the variety in marketing and selection of a product and any commodity as the case may be and as the said company increases in growth, its product depth line should be increased. Therefore, a product line goal can be to maximize profits by positioning new products with the highest number of features or with the most cutting-edge individual features at the highest price point. And also you’ll be keeping a base product on sale as a lower-priced alternative
One of the benefit of this been set i.e product line; is to let potential customers know the particular product that will tend to fit their capability in many cases as the case may be in product selection.
Annyeonghaseyo, I have 1000+ followers in my Indian account Coz I'm an Indian, if you don't believe, then watch my following. This is just aI wanted to say.
Answer:
but annyeonghaseyo is a korean greeting ?
Comprehensive Problem 2 Part 4 and 6: Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6. a. Merchandise inventory on May 31 $585,200 b. Insurance expired during the year 12,000 c. Store supplies on hand on May 31 4,000 d. Depreciation for the current year 14,000 e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600 f. The adjustment for customer refunds and allowances is $60,000. 6. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2.
Relevant Question:
At the end of May, the following adjustment data were assembled.
a. Merchandise inventory on May 31 $585,200
b. Insurance expired during the year 12,000
c. Store supplies on hand on May 31 4,000
d. Depreciation for the current year 14,000
e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600
f. The adjustment for customer refunds and allowances is $60,000.
Stores Supplies at the beginning of May is $11,400.
Journalize the adjusting entries. If an amount box does not require an entry, leave it blank.
Answer:
Journal Entries:
a. No Journal Entry
b. Debit Insurance Expense $12,000
Credit Prepaid Insurance $12,000
To record the insurance expense for the year.
c. Debit Supplies Expense $7,400
Credit Store Supplies $7,400
To record the supplies expense ($11,400 - $4,000) for the year.
d. Debit Depreciation Expense $14,000
Credit Accumulated Depreciation $14,000
To record the depreciation expense for the year.
e. Debit Sales Salaries Expense $7,000
Debit Office Salaries Expense $6,600
Credit Salaries Payable $13,600
To record the accrued salaries for the year.
f. Debit Customer Refunds and Allowances Expenses $60,000
Credit Customer Refunds and Allowances $60,000
To record the expense for customer refunds and allowances.
Explanation:
The journal entries record the business transactions as they occur daily. Accounts are identified based on the accounting equation and the double-entry system of accounting. For every transaction, two or more accounts are recorded, with some debited and others credited accordingly.
Beyoncé has more than 15 million followers. It is possible that she reached this number of real-people followers organically and over time. In contrast, there are companies that provide a service where Toto could have purchased a large number of ___________
Answer:
Bot/Spam.
Explanation:
In a case of this such a ghost/spam/bot is been put to place in the help in this follower earnings. This is said to be called social bots; they are often used in a lot of cases in helping to gain sales leads, followers, and drives money ultimately to the assigned follower. Bots of this kind are known to be algorithms used with these social media profiles to create dealings with other people's content. It is particularly seen to attracts engagement with the profile linked to the algorithm, from both real users and other bots.
These bots are seen to always seen to target users with some connection to whatever it is they are ultimately trying to sell.
What is INCOTERM DDP?
Answer:
DDP stands for Delivery Duty Paid, an international commerce term (Incoterm) used to describe the delivery of goods where the seller takes most responsibility.Explanation:
Convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percentage: (a) 10 years, (b) 8 years, (c) 25 years, (d) 40 years, (e) 5 years, (f) 4 years, (g) 20 years. If required, round your answers to one decimal place. Years Percentage a. 10 years fill in the blank 1 % b. 8 years fill in the blank 2 % c. 25 years fill in the blank 3 % d. 40 years
Answer:
Conversion of Estimates of Useful Life to Straight-line Depreciation Rate:
Useful Life Straight-line
Depreciation Rate
(a) 10 years 10%
(b) 8 years 12.5%
(c) 25 years 4%
(d) 40 years 2.5%
(e) 5 years 20%
(f) 4 years 25%
(g) 20 years 5%
Explanation:
a) Data and Calculations:
Straight-line
Useful Life Depreciation Rate Conversion
(a) 10 years 10% 100/10
(b) 8 years 12.5% 100/8
(c) 25 years 4% 100/25
(d) 40 years 2.5% 100/40
(e) 5 years 20% 100/5
(f) 4 years 25% 100/4
(g) 20 years 5% 100/20
Pharoah Corp. management plans to issue seven-year zero coupon bonds. It has learned that these bonds will sell today at a price of $441.46. What is the yield to maturity on these bonds?
Answer:
12.391%
Explanation:
The yield to maturity on the seven-year zero coupon bond can be determined using the present value below:
PV=FV/(1+r)^n
PV=current price=$441.46
FV=face value at redemption=$1000
r=unknown yield to maturity
n=duration of the zero coupon=7 years
441.46=1000/(1+r)^7
1000/441.46=(1+r)^7
divide index by 7 on both sides
( 1000/441.46)^(1/7)=1+r
1.123905524 =1+r
r=1.123905524 -1=12.39%
Based on this case, why is it necessary to have laws related to sharing confidential information? to prevent businesses from manufacturing competing products O to prevent businesses from filing frivolous, time- wasting lawsuits O to prevent businesses from using ideas generated at another company O to prevent businesses from hiring employees from other companies
Answer: Cardi b...jk its C
Explanation:Edge.2020
It necessary to have laws related to sharing confidential information to prevent businesses from using ideas generated at another company. Thus option C is correct.
What is a law?The exact meaning of law is up for debate, but it is generally understood to be a collection of rules that are made and enforced by social or governmental bodies to control behavior. It has been called both a science and also the practice of justice in diverse contexts
Internal business maintain communication between the firm owner and another person is referred to be secret and either cannot or should never be disclosed to a third party.
This alone without boss's express permission. information essential to a business' activities that can only be learned inside that business. Therefore, option C is the correct option.
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On March 2, Blue Ribbon sold $887,400 of merchandise to Lumberyard Inc. with terms 2/10, n/30. The cost of the merchandise sold was $571,700. Lumberyard Inc. pays the balance owed on March 11.
Required:
How much does Lumberyard pay on March 11?
Answer:
Payment will be = $869652
Explanation:
The terms of the credit sale to Lumberyard were 2/10, n/30 which means that Lumberyard was entitled to receive a 2% discount if the payment is made within 10 days of purchase of merchandise while the total credit period was of 30 days. As Lumberyard has paid the balance owed on 11 March and within the discount period, the amount paid by Lumberyard and the discount received will be,
Discount received = 887400 * 0.02 = $17748
Payment will be = 887400 - 17748 = $869652
On January 1 a man deposit $5000 in a credit union that pays 8% interest, compounded annually. He wishes to withdraw all the money in five equal end-of-years sums, beginning December 31st of the first year. How much should he withdraw each year?
Answer:
he should withdraw $1,252.5 each year.
Explanation:
The computation is shown below:
Given that
Initial deposit (P) = $5,000
n = 5
i = 8%
Now the withdrawal amount is
AW = P(A/P, i, n)
= $5,000 (A/P, 8%, 5)
= $5,000(0.2505)
= $1,252.5
Therefore, he should withdraw $1,252.5 each year.
We simply applied the above formula so that the correct value could come
And, the same is to be considered
po
Additional Activities
Activity 5 - 3
Business
Transactions
corresponding transactions.
TRANSACTIONS
VALUE RECEIVED
VALUE PARTED
WITH
debt or obligation
1.
delivery truck
cash
2.
furniture
cash
3.
right to occupy space
service
receivable
4.
cash
service of employees
5.
Indicated below is an exchange of values. Briefly describe the
Answer:
ok
Explanation:
A shift of the supply curve of oil raises the price from $10 a barrel to $15 a barrel and reduces the quantity demanded from 40 million to 15 million barrels a day. You can conclude that the ___________.
A. demand for oil is inelastic
B. demand for oil is elastic
C. supply of oil is elastic
D. supply of oil is inelastic
Answer:
Option B: demand for oil is elastic
Explanation:
Price elasticity of demand is generally note to be the magnitude (degree) responsiveness of quantity demanded of goods/services to a change in price of goods and services.
A demand for goods and services is said to be elastic if the demand by consumer is relatively sensitive to changes in price.
The long-run demand for oil is usually elastic than the short run demand for oil.
