How do price changes drive markets toward equilibrium?
a. they set new price floors and ceilings.
b. they increase or decrease supply or demand.
c. they ensure that prices are fair.
d. they prevent inflation or deflation.
which is a real-life example of a market that is close to perfect competition?
a. a computer monopoly
b. an oil and gas cartel
c. a farmers’ market
d. a public school system

Which basic economic questions deals with the issue of how the incomeof people in various occupations is determined

Agovernment receives a gift of cash and investments with a fair value of $200,000. the donor specified that the earnings from the gift must be used to beautify city-owned parks and the principal must be re-invested. the $200,000 gift should be accounted for in which of the following funds? a) general fund b) private-purpose trust fund c) agency fund d) permanent fund

Acompany has $80,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. experience suggests that 6% of outstanding receivables are uncollectible. the current credit balance (before adjustments) in the allowance for doubtful accounts is $1,200. the journal entry to record the adjustment to the allowance account includes a debit to bad debts expense for $4,800. true or false