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In the following figure, the first panel shows a market situation prior to regulation and the second panel shows the effects of regulation.Figure 14.2
In the figure,
D: Demand curve for automobiles
S1: Supply curve of automobiles prior to regulation
S2: Supply curve of automobiles after regulation
FG: Clean up cost per unit
-Any kind of social regulation raises the per unit cost of production of a good and hence leads to a loss of producer and consumer surplus.
Receivables
Amounts due to a company for goods or services that have been provided but not yet paid for by the customers.
Accrue Expenses
The recording of expenses that have been incurred but not yet paid, reflecting obligations on the balance sheet.
Indirect Method
A way of preparing the cash flow statement where net income is adjusted for non-cash transactions, deferred taxes, and changes in working capital to calculate cash flow from operating activities.
Depreciation Expense
An accounting method of allocating the cost of a tangible asset over its useful life to account for declines in value over time.
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