The Demand Curve Is P = 700 - 10Q_D

question 19

Multiple Choice

The demand curve is P = 700 - 10Q_D.The supply curve is P = 400 + 5Q_S.At market equilibrium,the equilibrium quantity is ________ and the equilibrium price is ________.

• A)20;500
• B)5;0.05
• C)0.05;5
• D)500;20
• E)300;15

Grasp the concept of recording the payment for purchases and the impact of merchandise returns on financial statements.

Distinguish the accounts used and affected in the periodic inventory system.

Differentiate between the accounts impacted in the perpetual inventory system.

Know how to record freight charges and merchandise purchases on credit under both systems.

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