Suppose the demand for classical music concert tickets is downward sloping and the supply of classical music concert tickets is upward sloping. Lovers of classical music persuade Congress to impose a price ceiling of $40 per concert ticket.

For each of the equilibrium prices listed in the following table, indicate whether a price ceiling of $40 will cause more, fewer, or the same number of people to attend classical music concerts than if there is no price control.

Equilibrium Price

Result of Price Ceiling on Concert Attendance

More

Same

Less

$30
$40
$50

On june 1 of the current year, chad wilson established a business to manage rental property. he completed the following transactions during june: opened a business bank account with a deposit of $28,000 from personal funds. purchased office supplies on account, $2,690. received cash from fees earned for managing rental property, $7,390. paid rent on office and equipment for the month, $3,310. paid creditors on account, $1,230. billed customers for fees earned for managing rental property, $6,130. paid automobile expenses (including rental charges) for the month, $740, and miscellaneous expenses, $370. paid office salaries, $2,330. determined that the cost of supplies on hand was $1,590; therefore, the cost of supplies used was $1,100. withdrew cash for personal use, $2,210. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300) answer

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