The hull petroleum company and inverted v are retail gasoline franchises that compete in a local market to sell gasoline to consumers. hull and inverted v are located across the street from each other and can observe the prices posted on each other's marquees. demand for gasoline in this market is q= 80-12 and both franchises obtain gasoline from their supplier at $410 per gallon. on the day that both franchises opened for business, each owner was observed changing the price of gasoline advertised on its marquee more than 10 times: the owner of hull lowered its price to slightly undercut inverted v's price, and the owner of inverted v lowered its advertised price to beat hull's price. since then, prices appear to have stabilized. under current conditions, how many gallons of gasoline are sold in the market, and at what price? instructions: enter your responses rounded to the nearest two decimal places gallons sold: price: $

What does the consumer price index measure? a. the change in prices of all goods and services over time b. the change in prices of specific goods and services over time c. the change in prices of final goods and services over time

technology is the application of knowledge and tools to solve problems and perform tasks more efficiently. t/f

Presented below is a list of possible transactions. analyze the effect of the 18 transactions on the financial statement categories indicated. transactions assets liabilities owners’ equity net income 1. purchased inventory for $80,000 on account (assume perpetual system is used). 2. issued an $80,000 note payable in payment on account (see item 1 above). 3. recorded accrued interest on the note from item 2 above. 4. borrowed $100,000 from the bank by signing a 6-month, $112,000, zero-interest-bearing note. 5. recognized 4 months’ interest expense on the note from item 4 above. 6. recorded cash sales of $75,260, which includes 6% sales tax. 7. recorded wage expense of $35,000. the cash paid was $25,000; the difference was due to various amounts withheld. 8. recorded employer’s payroll taxes. 9. accrued accumulated vacation pay. 10. recorded an asset retirement obligation. 11. recorded bonuses due to employees. 12. recorded a contingent loss on a lawsuit that the company will probably lose. 13. accrued warranty expense (assume expense warranty approach). 14. paid warranty costs that were accrued in item 13 above. 15. recorded sales of product and related service-type warranties. 16. paid warranty costs under contracts from item 15 above. 17. recognized warranty revenue (see item 15 above). 18. recorded estimated liability for premium claims outstanding.