Utilize these resources to learn more about businesses that are directly associated with MICE as well as businesses that benefit from MICE resources by supporting conferences and events.
Network for Trade Show News
The top internet source for the trade show, expo, and event industries is TSNN. With information on over 25,000 trade fairs, exhibits, public events, and conferences, TSNN.com owns and runs the most frequently used event database on the Internet.
Factiva
Online full-text service for business and international news. covers more than 28,000 sources across 23 languages and over 150 nations.
Enterprise Source Full
More than 1,800 peer-reviewed business periodicals are available in full text through Business Source Complete, along with full text for scholarly business journals and other sources.
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Daffy Taffy uses the weighted-average method in its process costing system. The company provided the following information:
Mixing DepartmentUnits Percentage Complete Materials Conversion Beginning work in process inventory200 55% 60% Units started into production during the period3,000 Units transferred out during the period2,600 Ending work in process inventory600 25% 40%
What is the number of equivalent units of production with respect to materials during the period?
Based on the weighted-average method in the process costing system, number of equivalent units of production with respect to materials during the period is 2,750.
In the weighted-average method, the equivalent units of production are calculated by taking the units completed and transferred out during the period and adding the ending work in process inventory multiplied by the percentage complete for each cost component (materials and conversion).
This method is used in a process costing system, which is a costing system that is used for products that are produced in a continuous process, such as in the case of Daffy Taffy's Mixing Department. The equivalent units of production are used to allocate costs to the units of production during the period.
Hence, the number of equivalent units of production with respect to materials during the period can be calculated using the weighted-average method in the process costing system. The formula for calculating equivalent units of production is:
Equivalent units of production = Units completed and transferred out + (Ending work in process inventory × Percentage complete)
For materials, the calculation would be:
Equivalent units of production for materials = 2,600 + (600 × 25%)
Equivalent units of production for materials = 2,600 + 150
Equivalent units of production for materials = 2,750
Therefore, the number of equivalent units of production with respect to materials during the period is 2,750.
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other than operating profit, there are three main sources of external financing. (T/F)
The income statement, balance sheet, and statement of cash flows are financial statements that must be submitted.
Which three functions do financial statements fulfill?
Thanks to the financial statements, which contain details about a company's activities, performance, and cash flow, it is possible to quickly assess a company's financial health. Financial statements are essential since they provide information on a company's earnings, costs, profitability, and debt.
What links three financial statements together?
The bottom of the income statement's net income is linked to the balance sheet and cash flow statement. It acts as the starting point for the cash from operations column on the cash flow statement and feeds into retained earnings on the balance sheet.
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In the probabilistic model, increasing the service level will. Open Hint for Question 10 in a new window.
a. reduce the cost of the inventory policy.
b. have no impact on the cost of the inventory policy.
c. increase the cost of the inventory policy.
d. cannot be determined.
In the probabilistic model, expanding the assistance level will increase the cost of the inventory policy option (C) is correct.
This is because the assistance level alludes to the level of interest that the stock arrangement is intended to fulfill. Expanding the help level implies that the strategy is supposed to meet a bigger level of interest, which thusly requires more elevated levels of well-being stock to be held in stock.
This expanded degree of well-being stock builds the expense of the stock arrangement because of higher holding costs, requesting expenses, and potential discounts of abundance stock. Subsequently, there is a compromise between the administration level and cost in stock administration, and a higher help level comes at a greater expense.
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the aqua liquid assets money market mutual fund has a nav of $1 per share. during the year, the assets held by this fund appreciated by .8 percent. if you had invested $35,000 in this fund at the start of the year, how many shares would you own at the end of the year? what will the nav of this fund be at the end of the year?
A money market fund is a specific class of fixed income mutual fund that has very strict standards for maturity, credit quality, diversification, and liquidity in order to assist it meet its objectives of principal preservation and daily access for investments.
Money market funds strive to maintain a constant net asset value (NAV) per share, which is typically $1 in the United States. The $1 is preserved by declaring daily dividend investments to shareholders in an amount equal to the fund's net income.
Money market funds are typically regarded as one of the investments with the highest level of stability since they have minimal volatility and are less susceptible to changes in the market.
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how and why does a firm's average-total-cost curve differ in the short run compared with the long run? g
A company can alter the short-term fixed production factors in the long run.
What are some instances of labor as a production factor?Labor is the effort that people put into producing goods and services. Examples of labor resources include the work done by the waiter who brings your food to a nearby restaurant and the engineer who designed the school bus. It includes a painting by the artist as well as the pilot's work flying the aircraft above.
Land is any natural resource utilized in the production of goods and services; everything produced on land. Common land or natural resources include coal, water, oil, copper, natural gas, and forests.
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Which time-series model uses BOTH past forecasts and past demand data to generate a new forecast? a. exponential smoothing b. naive c. weighted moving average d. trend projection
Exponential smoothing time-series model uses both the past forecasts and the past demand data to generate new forecast.
What is exponential smoothing?Exponential smoothing is a statistical technique used to analyze time series data. It is a forecasting method that uses weighted averages of past observations to forecast future values. The method is based on the principle that recent data points are more relevant for predicting future values than older data points. The technique assigns exponentially decreasing weights to the past observations, with the most recent observation having the highest weight. Exponential smoothing is widely used in business and economics to forecast demand, sales, and inventory levels. The technique is also used in other fields such as engineering, meteorology, and social sciences for forecasting future values of various variables.
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an economy experiencing falling demand, employment, and income is in which stage of the business cycle?
An economy experiencing falling demand, employment, and income is in the contraction phase of the business cycle.
What is contraction phase?
The contraction phase, also known as the contractionary phase or downturn, is a stage of the business cycle in which the economy experiences a decline in economic activity.
This phase is characterized by falling levels of output, employment, and income, often accompanied by rising levels of unemployment, decreased consumer spending, and declining business profits.
It is typically marked by a decrease in consumer and business confidence, a slowdown in production, and a reduction in economic growth. The contraction phase is followed by the trough or bottom of the cycle before entering the expansion phase.
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Of the five market segments, which three are more concerned about leading-edge technology within their respective segment expectations?
a Size Segment, Peformance Segment, and Traditional Segment
b Size Segment, Performance Segment, and Low End Segment
c Size Segment, Performance Segment, and High End Segment
d Low End Segment, Traditional Segment, and High End Segment
The correct answer is option C.
The three market segments that are more concerned about leading-edge technology within their respective segment expectations are the Size Segment, Performance Segment, and High-End Segment.
These market segments are more concerned about leading-edge technology because they are looking for products that have the latest and most advanced features. The Size Segment is looking for products that are compact and portable, the Performance Segment is looking for products that have high processing speeds and capabilities, and the High-End Segment is looking for products that have premium features and are considered luxury items.
In contrast, the Low-End Segment and Traditional Segment are less concerned about leading-edge technology. The Low-End Segment is looking for products that are affordable and the Traditional Segment is looking for products that are reliable and have a long lifespan.
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what enables buyers of digital advertising inventory to manage multiple ad exchanges through one interface?
The demand-side platform is referred to as DSP. It enables the management of various ad exchanges by buyers of digital ad inventories through a single interface.
Why do we need inventory?
Demand-side platform is referred to as DSP. It enables buyers of digital ad inventories to control numerous ad exchanges from a single interface.
Inventory management assures you can complete incoming or open orders and increases profitability, which are its two key advantages. Management of inventories also Reduces Costs: Understanding stock trends helps you use your stock more effectively by enabling you to know how much and where you have it in stock.
For organisations, finding a balance between supply and demand is absolutely essential. Consequently, inventory management helps with better planning and ordering of stock products. Imagine that there is a high demand for a certain product but that there is not sufficient supply to meet that demand.
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Which one of the following is not involved in the two basic pleadings of a lawsuit? a complaint a default judgment an answer
A default judgment is not involved in the two basic pleadings of a lawsuit. So, the correct option is B.
In a lawsuit, the two basic pleadings are the complaint and the answer.
A complaint is a legal document filed by the plaintiff, which initiates a lawsuit by setting forth the allegations against the defendant. It outlines the plaintiff's claims and the legal theories supporting those claims.
An answer is a legal document filed by the defendant in response to the complaint. It admits or denies the allegations in the complaint and may also assert any legal defenses that the defendant may have.
A default judgment, on the other hand, is a judgment entered by a court against a party who has failed to plead or defend against a claim brought by another party. It is not a pleading, but rather a consequence of a party's failure to take action in the lawsuit.
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Complete question is:
Which one of the following is not involved in the two basic pleadings of a lawsuit?
A) a complaint
B) a default judgment
C) an answer
what two options are possible for firms who have products in the decline stage of the product life cycle?
Sustain the product in the hopes that your rivals will stop selling their versions before you, which can lead to an uptick in demand once more. Minimize your expenses and discover a new application for the product; doing so could boost profitability.
In the decline stage, the company typically has three choices: Sustain the product demand with the anticipation that rivals would withdraw. Find new uses for the product while lowering expenses. Harvest it, cut back on marketing assistance, and continue to coast until no more profit is possible. Because of the most recent technology developments, modifications in customer wants, and impending trends, competition becomes too intense and sales decline.
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an entrepreneur would choose a franchise over an independent startup most likely because of the group of answer choices freedom in decision making. guidance provided for organizational structure. probability of success. opportunities to meet and share ideas with other executives.
An entrepreneur would most likely choose a franchise over an independent startup because of the guidance provided for organizational structure.
Franchises typically come with a well-established business model, operational procedures, and support systems that can be replicated across different locations. This guidance can be especially beneficial to entrepreneurs who may not have prior business experience and are looking for a proven system to follow.
While franchises do offer some level of decision-making freedom, it is usually within the confines of the established franchise model. Additionally, while the probability of success may be higher with a franchise due to the established business model, there is still a level of risk involved with any business venture.
Opportunities to meet and share ideas with other executives may be a potential benefit of owning a franchise, but it is not typically a primary reason for choosing a franchise over an independent startup.
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when calculating price indices like the gdp deflator and the cpi, we multiply the ratio by 100. why?
The GDP deflator, like the consumer price indicator( CPI), measures price affectation or deflation in relation to a certain base time, with the GDP deflator of the base time itself being equal to 100.
The GDP price deflator is calculated using the formula below Nominal GDP minus Real GDP)/ 100 is the GDP price deflator. The GDP price deflator can be used to calculate how important affectation there has been in prices over a given time frame. This is pivotal because, as we showed in our last illustration, if there's a shift in the price position between the two times, comparing GDP from two separate times can produce an unreliable conclusion.
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sadie received $60,000 of compensation from her employer and she received $500 of interest from a corporate bond. what is the amount of sadie's gross income from these items?
Gross income is the total amount of income an individual receives from all sources before any deductions or taxes are applied.
To calculate Sadie's gross income from her compensation and interest earnings, we simply need to add these two amounts together. In this case, Sadie received $60,000 of compensation from her employer. This could include wages, salaries, bonuses, or other forms of payment for work she performed for her employer. This compensation is considered taxable income and must be reported on her tax return. In addition to her compensation, Sadie also received $500 of interest from a corporate bond. Interest income is money earned on an investment and is also considered taxable income. To calculate Sadie's gross income from these items, we simply add the two amounts together.
$60,000 (compensation) + $500 (interest) = $60,500
Therefore, Sadie's gross income from these items is $60,500.
It's important to note that this is only a portion of Sadie's gross income. If she received income from other sources such as rental income, dividends, or capital gains, these amounts would need to be added to her gross income as well. Additionally, she may be eligible for certain deductions or credits that would reduce her taxable income and ultimately, her tax liability.
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what, then, led to the supreme court in 1954 reaching such a different decision? can business owners and corporations have an impact on issues that affect us as a society?
Separate educational facilities for white and African American pupils were deemed to be fundamentally unequal in the 1954 ruling. Yes, companies and company owners have an impact on society.
A business is easy to start, but it may be challenging to maintain, particularly when it comes to fulfilling regulatory and tax requirements, which can be intimidating for a small business owner. Making a company a corporation has the benefit of making choosing who will run and administer the company easy. Shareholders are required to attend yearly meetings to elect directors since the corporation is a distinct legal entity. A person or organisation that gains from ownership is an actual owner. They are qualified for all benefits because the item is registered in their name and they are the legal owner. When there are several parties or entities involved, it may be challenging to identify the real owner.
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gomez company had beginning inventory of $1,800 and ending inventory of $1,400. the cost of goods sold was $4,200. based on this information, what is the amount of inventory that was purchased by gomez company?
Gomez Company purchased $4,800 worth of inventory during the period.
To determine the amount of inventory purchased by Gomez Company, we can use the following formula:
Inventory purchased = Cost of goods sold + Ending inventory - Beginning inventory
Substituting the given values, we get:
Inventory purchased = $4,200 + $1,400 - $1,800
Inventory purchased = $4,800
It is important to keep track of inventory purchases as it helps in managing inventory levels and can also impact the calculation of the cost of goods sold, which is a key component in determining a company's gross profit.
Having an accurate record of inventory purchases can help businesses make informed decisions about their inventory management and purchasing strategies.
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consumers demand different amounts at every price, causing the demand curve to shift to the left or the right.
That statement is generally true. The quantity of a good or service that consumers are willing and able to buy at each price point is known as the quantity demanded.
What might trigger a left shift in the demand curve?If the determinant lowers demand, the demand curve moves to the left. Less demand for the good or service results from this. When there is a recession, it occurs when buyer incomes decline. Even though everything is priced the same, they will purchase less of everything.
What causes a left or right shift in the demand curve?When the quantity of a good or service required at each price level changes, the demand curve changes as well. The demand curve moves rightward as more is wanted at each price level. Conversely, if demand falls at each price level, the demand curve will move to the left.
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i will give brainliest please
Using the above article as a guide, write a business memo to a client explaining the concept of mutual funds, money market funds, and individual retirement accounts. Be sure to use your own words to explain the terms! Memo should be 1-2 pages double spaced and formatted correctly. (make up the name and email address of your client)
use this format
Though the format for a memo may vary from one organization to another, the standard heading consists of a series of clearly labeled lines that convey key information about the memo’s contents and its distribution. The following are standard elements of a memo header:
Date: The date on which the memo is distributed
To: The person(s) to whom it is primarily addressed
(sometimes with job title)
cc: Name(s) of anyone else who receives a copy
(sometimes with job title)
From: Name of the writer, usually followed by his/her
handwritten initials (sometimes with job title)
Subject: or Re: Concise statement of the memo’s topic
Date: February 11, 2023
To: John Doe, Financial Advisor
cc: N/A
From: ChatGPT, AI Language Model
Subject: Explanation of Mutual Funds, Money Market Funds, and Individual Retirement Accounts
Dear John,
I hope this memo finds you well. I wanted to provide you with a comprehensive overview of three important investment options for clients: mutual funds, money market funds, and individual retirement accounts.
Mutual Funds:
A mutual fund is a type of investment vehicle that pools together money from multiple investors to purchase a portfolio of stocks, bonds, or other securities. The goal of investing in a mutual fund is to diversify one's portfolio and to potentially achieve a higher return on investment compared to individual securities.
Money Market Funds:
A money market fund is a type of mutual fund that invests in low-risk, short-term debt securities such as government bonds, certificates of deposit, and commercial paper. These funds provide investors with a higher level of security compared to stock mutual funds, but generally, have lower returns.
Individual Retirement Accounts (IRAs):
An IRA is a tax-advantaged investment account that is specifically designed for retirement savings. There are two main types of IRAs: Traditional IRAs and Roth IRAs. Traditional IRAs offer tax-deductible contributions, while Roth IRAs allow for tax-free withdrawals in retirement. Both types of IRAs offer a variety of investment options, including mutual funds and money market funds.
I hope this information is helpful in explaining the basics of mutual funds, money market funds, and individual retirement accounts. If you have any questions or would like further clarification on any of these investment options, please don't hesitate to reach out.
What are the two primary ways you can make a tax payment?
The two primary ways you can make a tax payment are: electronic payment and check or money order.
Below we explain the main ways to pay taxes:
Electronic payment: You can pay your taxes electronically using the Electronic Federal Tax Payment System (EFTPS) or by using a credit or debit card. This is a convenient and secure way to make a tax payment.Check or money order: You can also pay your taxes by mailing a check or money order to the IRS. Make sure to include your Social Security number or Employer Identification Number on the check or money order to ensure proper credit to your account.It is important to make your tax payment on time to avoid penalties and interest.
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a company's hiring strategy: group of answer choices directly affects employee productivity. has little effect on employee productivity. does not relate to profitability. upgrades an employee's skill level. is not part of the company's overall human resource strategy.
A company's hiring strategy directly affects employee productivity. Thus, option (A) is correct.
What is strategy?An organization's long-term objectives and the plan it has to achieve them are referred to as its strategy. In other words, it demonstrates the strategy for achieving the stated goal. The specific steps taken to accomplish the objectives in accordance with the strategy are referred to as a tactic.
A recruiting plan of action is a plan of action to help you with success identify, attract and hire the best leaders for your open roles. These are basic playing points that can help you recruit the jobseekers
Therefore, The right option (A) is correct.
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other things equal, if consumers believe that gas prices will rise in a week, the demand for gas today will . multiple choice question. increase not change be lower than next week decrease
All other things being equal, demand for gas today will (A) increase if individuals believe that gas prices will rise in a week.
What is demand?The quantity of a good that consumers are willing and able to buy at different prices during a specific time is known as demand in economics.
The demand curve is another name for the relationship between price and quantity demand.
Demand for a given product depends on a variety of factors, including perceived need, price, perceived quality, convenience, alternatives offered, buyer preferences, and disposable money.
For instance, the first slice of pizza that a customer purchases when they are hungry will be the one with the most utility.
If people anticipate that gas prices will increase in a week, demand for gas today will rise, all else being equal.
Therefore, all other things being equal, demand for gas today will (A) increase if individuals believe that gas prices will rise in a week.
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Complete question:
Other things equal, if consumers believe that gas prices will rise in a week, the demand for gas today will ____.
multiple choice question.
A. increase
B. not change
C. be lower than next week's
D. decrease
a firm has 16,000 equivalent units that are 80% complete. how many physical units are currently in process? 28,800 20,000 12,800 16,000
28,800 physical units are currently in process.
How do you calculate equivalent units of conversion?You can simply multiply the quantity of physical goods by the amount of effort done on them to determine equivalent units. You would have one comparable unit for two objects that are 50% complete (2 x 50% = 1). The number of equivalent units equals the number of physical things when the goods are fully finished.
The number of physical (or actual) units on hand is multiplied by the units' percentage of completion to arrive at equivalent units. Equivalent units will be the same as the physical units if the physical units are fully finished.
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David and karen decide to purchase a $500,000 policy on david and a $500,000 policy on karen. How much would these policies cost if they were $0. 80 per $1,000 of coverage for tina and $0. 75 per $1,000 for david?
The cost of the policies for David and Karen can be calculated by multiplying the amount of coverage by the cost per $1,000 of coverage.
For David's policy, the cost would be:First, we calculate the cost of David's policy. Divide the coverage amount by $1,000 to get the $1,000 coverage number. For David, this number is 500.
$500,000 / $1,000 = 500
Then, we multiply the number of $1,000 of coverage by the cost per $1,000 of coverage. For David, this figure is $0.75 per $1,000. Therefore, the cost of David's policy is:
500 x $0.75 = $375
For Karen's policy, the cost would be:Now, we calculate the cost of Karen's policy. Divide the coverage amount by $1,000 to get the $1,000 coverage number. For Karen, this number is 500.
$500,000 / $1,000 = 500
Then, we multiply the number of $1,000 of coverage by the cost per $1,000 of coverage. For Karen, this figure is $0.80 per $1,000. Therefore, the cost of Karen's policy is:
500 x $0.80 = $400
Finally, we add up the individual costs of the two policies to get the total cost. The total cost of the policies for David and Karen.
Therefore, the total cost of the policies for David and Karen would be:
$375 + $400 = $775
So, the total cost of the policies for David and Karen is $775.
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employees may differ in their perceptions of what they consider to be large enough pay raises. which of the following may be a consequence? question 2 options: demotivating those employees who do not consider pay raises to be large enough creating undesirable social structures filing lawsuits on the basis of illegal discrimination none of the above
Employees may differ in their perceptions of what they consider to be large enough pay raises because demotivating those employees who do not consider pay raises to be large enough i.e. Statement 1
Employees may differ in their perceptions of what they consider to be a large enough pay raise. Some employees may expect a higher percentage increase than others or may have different benchmarks for what constitutes a large enough pay raise. If an employee does not consider a pay raise to be large enough, it may lead to demotivation, particularly if the employee feels undervalued or underappreciated.
It's important for managers to communicate clearly with employees about pay raises, including the criteria used to determine the amount of the raise and the company's overall compensation philosophy. Open and transparent communication can help ensure that employees have a better understanding of how pay raises are determined and can help manage expectations.
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Correct Question -
employees may differ in their perceptions of what they consider to be large enough pay raises. which of the following may be a consequence?
demotivating those employees who do not consider pay raises to be large enough creating undesirable social structures filing lawsuits on the basis of illegal discrimination none of the aboveMerrick Company computes a predetermined overhead rate at the beginning of the year and uses it to apply overhead to jobs throughout the year. Merrick has several custom jobs in process. One of these jobs, C628, was in Work in Process Inventory at the beginning of month. Job C628 had direct materials of $6,200, direct labor of $8,680, and overhead of $17,360. If Merrick applies overhead based on direct labor cost, what is Merrick’s predetermined overhead rate for the year?
A) 50%
B) 200%
C) 140%
D) 280%
The predetermined overhead rate for the year is 50%.
What is overhead rate?The overhead rate is the proportion of a company's overhead, like as its rent and other administrative costs, to its direct costs, sales, or other inputs, like the number of hours a machine works. It gives business owners and managers a comparison of indirect expenses to, say, their direct production costs or total sales. The overhead rate is calculated by multiplying the indirect costs by the direct costs by 100. If your overhead rate is 20%, it indicates your company spends 20% of its income on the creation of goods or the rendering of services. A reduced overhead rate means greater productivity and earnings.
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the valuation of common stock today primarily depends on:_____.
A common stock's value is currently determined by the number of shareholders and the number of outstanding shares.
What do we mean by common stocks?A form of corporate equity ownership and a kind of security is common stock. Outside of the United States, the words voting share and ordinary share are widely used.
In the UK and other Commonwealth nations, they are referred to as equity shares or ordinary shares.
This kind of share entitles the bearer to a portion of the company's income as well as voting rights regarding corporate policy and the make-up of the board of directors.
Currently, the number of shareholders and the number of outstanding shares determine a common stock's value.
Therefore, a common stock's value is currently determined by the number of shareholders and the number of outstanding shares.
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How much money is expected to be brought into the hosting city as a result of Super Bowl tourism 2023?
The average Super Bowl ticket costs just under $5,000, making it an expensive event to attend. However, expenses don't end there. Fans can quickly rack up $30 and $40 in charges at the concession stand, making it one of the sneakiest places to spend money.
One of the biggest performances of the year for expensive, the Super Bowl halftime show's production can cost upwards of $10 million. Given that FIFA is regarded as one of, if not the most, powerful organisations in the world with a total worth of $1.52 billion, the World Cup winners unquestionably earn more money than the Super Bowl winners.
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Does the recognition of an expense does not depend on the payment of cash?
The claim is accurate. When an expense is incurred, not when it is paid in cash, it is recorded.
What kinds of expenses come to mind?A few examples of expenses are rent, utilities, pay, salaries, upkeep, depreciation, insurance, or the cost of items supplied.
How would you define expenses?The money you must spend to pay for the goods and services you consume or purchase is referred to as an expense. Two categories of expenses exist: Your needs are met by essential costs like your mortgage or rent, electricity, groceries, etc. Discretionary spending pay for your desires, such as eating out, seeing movies, and taking trips.
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3 which of the following statements regarding a supply chain is true? group of answer choices a first-tier supplier is upstream from a second-tier supplier. a second-tier supplier is downstream from a first-tier supplier. a customer is upstream from a first-tier supplier. a first-tier supplier is downstream from a second-tier supplier.
A first-tier supplier is upstream from a second-tier supplier. This statement is true regarding a supply chain.
Suppliers or organisations further along in the supply chain are referred to as "downstream" while those further along are referred to as "upstream." Second-tier suppliers are those who provide products or services to a first-tier supplier, as opposed to first-tier suppliers, who provide their products or services directly to a manufacturer or producer. As a result, a first-tier provider is situated upstream from a second-tier supplier and earlier in the supply chain. Supply chain management in business is concerned with a system of purchasing, operations management, logistics, and marketing channels in order to transform raw resources into completed goods and deliver them to the final consumer. A supply chain converts unfinished goods into finished goods that are supplied to customers.
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Rising prices signal consumers to purchase less and producers to supply more. Falling prices signal consumers to purchase more and producers to supply less. Prices will stop rising or falling when they reach the new equilibrium price: the price at which the quantity consumers demand matches the quantity that producers supply. “Gasoline Price Changes: The Dynamic of Supply, Demand, and Competition” Federal Trade Commission, 2005 Based on the text, what is the relationship between supply, demand, and equilibrium price? Group of answer choices Equilibrium price is the average of supply and demand prices. Equilibrium price is achieved when supply matches demand. Equilibrium price is determined when a majority of suppliers lowers prices to increase demand. Equilibrium price is determined when a majority of consumers pays a higher price.
Equilibrium price is achieved when supply matches demand.
What is the Equilibrium ?Equilibrium is a state of balance between different forces, where opposing forces are equal to each other and there is no unbalanced force in a system. It is a principle of nature which states that in a closed system, whether physical, chemical or biological, the forces of the system must be equal and opposite. This is important in understanding how systems interact with each other, and how they can remain in balance in order to maintain their stability. Equilibrium is a universal principle that exists in all systems and is essential for them to maintain their stability.
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