Taccounts
cash
bal. 8,000 3/3 2,300
3/25 7,725 3/27 1,275
3/28 4,500 3/29 3,375
3/30 8,125 3/31 1,900
accounts receivable
bal. 1,950
3/18 9,950 3/30 8,125
supplies
bal. 225
3/7 1,450
office equipment
3/2 18,500
accounts payable
3/27 1,275 bal. 1,250
3/7 1,450
notes payable
3/2 18,500
common stock
bal. 7,500
3/28 4,500
retained earnings
bal. 1,425
dividends
3/31 1,900
fees earned
3/18 9,950
3/25 7,725
rent expense
3/3 2,300
wages expense
3/29 3,375
required:
transactions
descriptions of the transactions for the month of march are provided in the following table. each of the transactions that follow has been posted to the t accounts. referring to the t accounts, select the date on which each transaction occurred, enter the amount of the transaction, and select the account to debit and credit.

answer; empowerment and collaboration;

answer loneliness;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.