Bottles of Pure Hawaiian Air contain air that smells like the floral bouquet that greets tourists as they get off the plane in Hawaii. When a tourist shop began selling Pure Hawaiian Air, it charged $5 per bottle and could not keep up with the demand. It has since raised the price to $7. Now the shop is still selling all the bottles of Pure Hawaiian Air it carries, but the owner is not forced to reorder on a daily basis. The $7 price is probably a(n):
A. supply schedule
B. symmetrical price
C. price equilibrium
D. inventory equalizer
E. inelastic price
Answer: C
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Which of the following statements is true of the International Court of Justice?
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A party requesting assurance of performance from the other party remains obligated to perform
its own obligations even if adequate assurance is not received from the other party. Indicate whether the statement is true or false
Olly Company is a merchandising business that sells dog food. Based on the following information, what is the gross margin for Olly Company? Sales Revenue$500,000 Cash 100,000 Accounts Receivable 50,000 Inventory 25,000 Cost of goods sold 300,000 Operating expenses 40,000
A. $135,000 B. $200,000 C. $285,000 D. $160,000