Use the Figure Below to Answer the Following Questions

question 33

Multiple Choice

Use the figure below to answer the following questions. Figure 3.4.1
-At price P₂ in Figure 3.4.1,which one of the following is not true?

• A)This market is in equilibrium.
• B)The quantity demanded is equal to the quantity supplied.
• C)The quantity demanded is Q₁.
• D)There is no surplus.
• E)The quantity supplied is Q₃.

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Definitions:

Income Statement Accounts

The accounts that report the revenues, expenses, gains, and losses of a company, which are used to calculate the net income on the income statement.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to check for accuracy.

List of Accounts

A comprehensive list that includes all of a company's accounts and account numbers used within its accounting system.

Account Balances

The amount of money in a financial repository, such as a checking account, at any given moment.