The Tendency for Consumers to Purchase More of a Good

question 114

Multiple Choice

The tendency for consumers to purchase more of a good or service as its price falls is called the

• A) law of supply.
• B) law of increasing cost.
• C) cost-benefit principle.
• D) law of demand.
• E) law of diminishing marginal utility.

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Definitions:

Internal Control

Processes and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Separation Of Duties

is a preventive security measure in organizations to reduce the risk of fraud or error, requiring more than one person to complete key tasks.

Voucher System

A control mechanism in accounting that uses vouchers to record transactions and ensure expenditures are properly authorized.

Voucher System

A method in accounting used to authorize and document transactions, ensuring payments are made for authorized purchases only.