A tax of $0.25 is imposed on each bag of potato chips that is sold. The tax decreases producer surplus by $600 per day; • generates tax revenue of $1,220 per day; . decreases the equilibrium quantity of potato chips by 120 bags per day. From this information, it follows that the tax a. decreases consumer surplus by $645 per day. b. decreases the equilibrium quantity from 6,000 bags per day to 5,880 bags per day. c. decreases total surplus from $3,000 to $1,800 per day. d. produces a deadweight loss of $15 per day.

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

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True or false entrepreneurs try to meet the needs of the marketplace by supplying a service or product