Knowledge check 01 delta company performed $20,000 of services on account and recorded the amount due as a typical account receivable. over time, it became apparent that the customer would not be able to pay quickly, so delta required the customer to sign a six-month, 11 percent promissory note on february 1, year 2. the company then reclassified the existing account receivable as a note receivable. which of the following will result from this action? a. both assets and liabilities decreaseb. both assets and revenues decrease c. revenues decrease and liabilities increase d. no impact on the accounting equation

answerobservation;

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.

a bag with lamp

explanation:

because when in dark, our handbag would be hard to find, so when we switch on the light using thw remote, the bag would be easy to find