A Technological Improvement in the Production of Good a

question 100

Multiple Choice

A technological improvement in the production of good A

• A)decreases the supply of A.
• B)increases the demand for A.
• C)decreases the equilibrium price of A and decreases the equilibrium quantity.
• D)decreases the quantity demanded of A.
• E)increases the supply of A.

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Definitions:

Collection Policies

Guidelines established by a business to manage the collection of accounts receivable or debts owed to it.

Subsidiary Ledger

a detailed ledger that contains the financial transactions of a specific subsidiary account, summarizing its details, and supporting the general ledger.

Control Account

A general ledger account that summarizes the balances of a set of detailed subsidiary ledger accounts.

General Ledger

A complete record of all financial transactions over the life of a company, serving as the primary source of information used to create financial statements.