When the price of a product is set at a level where demand and supply are the same, a state of__________has been achieved
Fill in the blanks with correct word.
ANSWER: price equilibrium
When demand and supply are equal, a state called price equilibrium is achieved. At equilibrium, there is no inclination for prices to rise or fall.
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Craig Company's old machine that cost $40,000 and had accumulated depreciation of $30,000 was traded in for a new machine of like purpose having an estimated 20-year life with an invoice price of $50,000. The company also paid $43,000 cash, along with its old machine to acquire the new machine. The new machine should be recorded at:
A) $50,000. B) $47,000. C) $40,000. D) $53,000. E) $10,000.
There is a 60% chance that a customer without a smart phone will buy one this year. There is a 95% chance that a customer with a smart phone will continue with a smart phone going into the next year
If 30% of target market currently own smart phones, what proportion of the target market is expected to own a smart phone next year?