Question 1
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Match the definitions to their correct term.

Question 1 options:

Determined by how much of a good or service is produced relative to how badly buyers want it

Supply is lower than Demand. Prices Rise.

Demand always exceeds supply. Want more than we have.

The lower the price of a good or service, the greater the quantity consumers will buy.

The amount of a good that producers are willing to sell at a given price.

Higher the price of a good or service, the greater the quantity that producers will try to sell.

Quantities of a good or service that potential buyers are willing and able to purchase

Supply is higher than demand. Prices Drop

The price at which quantity supplied = quantity demanded

1.
Price

2.
Demand

3.
Supply

4.
Law of Supply

5.
Equilibrium Price

6.
Law of Demand

7.
Scarcity

8.
Surplus

9.
Shortage

Consider the following scenarios. use what you have learned to decide if the goods and services being provided are individual, public, or merit goods. for each case, state what kind of good has been described and explain your answer using the definitions of individual, public, and merit goods. (6 points each) 1. from your window, you can see a city block that's on fire. you watch city firefighters rescue people and battle the flames to save the buildings. 2. while visiting relatives, you learn that your cousins attend a nearby elementary school that is supported financially by local property tax revenue. 3. you see a squadron of military jets flying overhead. 4. you find out that your aunt works for a defense manufacturing company that has several defense contracts with the government. she tells you that she works for a team that is producing a communications satellite. 5. your class visits a local jail run by a private, profit-making company that detains county criminals and is paid with tax revenue.

For a firm that uses the weighted average method of process costing, which of the following must be true? (a) physical units can be greater than or less than equivalent units. (b) physical units must be equal to equivalent units. (c) equivalent units must be greater than or equal to physical units. (d) physical units must be greater than or equal to equivalent units.

Your father's employer was just acquired, and he was given a severance payment of $375,000, which he invested at a 7.5% annual rate. he now plans to retire, and he wants to withdraw $35,000 at the end of each year, starting at the end of this year. how many years will it take to exhaust his funds, i.e., run the account down to zero? a. 22.50 b. 23.63 c. 24.81 d. 26.05 e. 27.35