Concord Corporation's accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019
Raw materials inventory $320000 $260000
Work in process inventory 300000 160000
Finished goods inventory 190000 150000
During 2020, $820000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Concord Corporation's total manufacturing costs incurred in 2020 amounted to $2030000. its cost of goods sold for the year is:
a. $2009500.
b. $1909500.
c. $2089500.
d. $2159500.

answer blank(1).(2); sharpe;

answer: b. false

the staff is a set of five horizontal lines and four spaces which represent a different musical pitch. the lines and the spaces are numbered from bottom to top, the bottom line is the first line and the fifth line is the line on the top. the notes on the top of the staff (fifth line) have a higher pitch than a note at the bottom of the staff.

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.