The two groups in a mixed market economy are?

a

producers and consumers

b

producers and distributors

c

entrepreneurs and owners

d

buyers and consumers

So what is economics?

Rodriguez Corporation issues 19,000 shares of its common stock for $78,800 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $2 par value. 2.

A tax of €1.00 per litre on petrol a. places a tax wedge of €1.00 between the price the buyers pay and the price the sellers receive. b. decreases the price the sellers receive by €1.00 per litre. c. increases the price the buyers pay by €1.

Chang Industries has 2,000 defective units of product that have already cost $14 each to produce. A salvage company will purchase the defective units as they are for $5 each.

Time Inc. is working to make all of its magazines be available through "all-access subscriptions" where a single subscription will let the reader receive both paper and electronic editions.

Spears Co. had net sales of $53,404 million. Its average total assets for the period were $16,302 million. Spears' total asset turnover equals:

Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. a. Even though I was willing to pay up to $67 for a used textbook, I bought a used textbook for only $58. b.

When a seller makes a counter-offer what is the essence of such an action?

Amarillo Company experienced the following events during its first accounting period. (1) Purchased $5,000 of inventory on account. (2) Returned $1,000 of the inventory purchased in Event 1.

Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $ 4,800 Salaries expense 1,900 Accounts payable 2,800 Retained earnings 4,200 Utilities expense 1,200 Supplies 13,200 Service revenue 8,700 Common