Match each type of price ceiling to its appropriate descriptions. drag each item on the left to its matching item on the right. note that every item may not have a match, while some items may have more than one match.
(a) binding
(b) nonbinding

(1) the price ceiling prevents supply and demand from clearing the market.
(2) the price ceiling does not influence the market.
(3) the price ceiling is below the equilibrium price.
(4) the price ceiling is above the equilibrium price.

Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.

Brenda wants a new car that will be dependable transportation and look good. she wants to satisfy both functional and psychological needs. true or false

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