Questions

Although demand curves are typically downward sloping to reflect that consumers’ utility for a good diminishes with increased consumption, firm supply curves are generally upward sloping.The upward sloping character reflects that firms will be willing to increase production in response to a higher market price because the higher price may make additional production profitable.

None of the courses of action follow. Banning the sale of knives just because one particular knife-wielding assailant went on a rampage makes no sense. Similarly, taking into police custody all those who are seen carrying knives is not something practical. Knives can be used for so many other purposes not involving the killing/harming of people. Finally, it is not a realistic expectation that posting policemen in all major tourist spots would reduce or altogether stop instances of such occurrences. Therefore, option E is the correct answer.

The Business Entity concept is also called as Separate Entity or Economic Entity concept. This concept states that the transactions and all the balances related or associated with a business must be recorded or accounted separately from other businesses or the individual personal transactions.