Why are the real income levels of americans affected by rising prices?

the inverse relationship between price and quantity demanded appears in study after study, with people almost always stating that they would buy more of an item if its price went down, and less if the price went up.

identify the economic concept referred to in the statement above.

explain the reason for the name of the concept.

Which of the following entries would be made to record the requisition of $12,000 of direct materials and $6,900 of indirect materials? (assume that indirect materials are included in raw materials inventory.) a. manufacturing overhead 18,900 raw materials inventory 18,900 b. wip inventory 12,000 manufacturing overhead 6,900 raw materials inventory 18,900 c. raw materials inventory 18,900 wip inventory 18,900 d. wip inventory 18,900 raw materials inventory 18,900