In a free market, sellers do not determine prices; buyers and sellers negotiating in the marketplace determine them. A seller may want to receive a set price for a product or service, but the quantity buyers demand at that price may be quite low. If the seller lowers the price, the quantity demanded is likely to increase. This phenomenon is known as the microeconomic concept of supply and demand. Prices are set by buyers and sellers in free-market capitalism. The microeconomic concepts of supply and demand establish prices based on buyers and sellers negotiating. Identify the components of the supply-and-demand chart using the appropriate terminology. Match each term with its definition.

Which of the following statements about the relationship between economic costs and accounting costs is true? multiple choice accounting costs are equal to or greater than economic costs. accounting costs must always equal economic costs. accounting costs are always greater than economic costs. accounting costs are always less than or equal to economic costs.

Annuity payments are assumed to come at the end of each payment period (termed an ordinary annuity). however, an exception occurs when the annuity payments come at the beginning of each period (termed an annuity due). what is the future value of a 13-year annuity of $2,800 per period where payments come at the beginning of each period? the interest rate is 9 percent. use appendix c for an approximate answer, but calculate your final answer using the formula and financial calculator methods. to find the future value of an annuity due when using the appendix tables, add 1 to n and subtract 1 from the tabular value. for example, to find the future value of a $100 payment at the beginning of each period for five periods at 10 percent, go to appendix c for n = 6 and i = 10 percent. look up the value of 7.716 and subtract 1 from it for an answer of 6.716 or $671.60 ($100 × 6.716)

Vendors provide restaurants with what? o a. cooked items ob. raw materials oc. furniture od. menu recipes