Use the Figure Below to Answer the Following Questions

question 23

Multiple Choice

Use the figure below to answer the following questions. Figure 6.3.1
-Refer to Figure 6.3.1 showing the market for frisbees before and after a tax is imposed.At a quantity of 4,500 frisbees,supply is

• A)inelastic.
• B)unit elastic.
• C)elastic.
• D)perfectly elastic.
• E)perfectly inelastic.

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Definitions:

Revenue

The total amount of money received by a company from its business activities, such as sales of goods or services, before any expenses are subtracted.

Expense Accounts

Accounts used to record transactions relating to expenses incurred by a business, such as costs for materials, utilities, and salaries.

Common Stock

Equity securities representing ownership in a corporation, giving holders voting rights and a share in the company’s profits through dividends.

Trial Balance

An accounting report that lists the balances of all ledgers accounts to check the mathematical accuracy of the bookkeeping system.