Suppose, as a Result of a Long-Run Adjustment in a Perfectly

question 83

Multiple Choice

Suppose, as a result of a long-run adjustment in a perfectly competitive industry to a change in demand, price and output both fell.Therefore, demand must have __________ in this __________ industry.

• A)fallen; increasing cost
• B)fallen; decreasing cost
• C)increased; increasing cost
• D)increased; decreasing costs
• E)decreased; constant cost

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Definitions:

Voucher System

A business's set of procedures for authorizing and recording liabilities and cash disbursements.

Invoice Approval

The process of reviewing and verifying invoices before payment, ensuring they match purchase orders and delivery receipts.

Checklist

A list of items or tasks that need to be checked or completed, used as a reminder or for verification purposes.

Petty Cash Fund

A small amount of cash on hand used for covering minor expenses in a business, such as office supplies or postage.