Use the Following Schedule of Data for for the Following

question 36

Multiple Choice

Use the following schedule of data for for the following question
$$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Price } \\\text { Dollars/Widget) }\end{array} & \begin{array} { c } \text { Quartity Dernarded } \\\text { Hundreds) }\end{array} & \begin{array} { c } \text { Quartity Bupplied } \\\text { Hurdreds) }\end{array} \\\hline \$ 25 & 25 & 45 \\\hline 24 & 30 & 40 \\\hline 22 & 35 & 35 \\\hline 20 & 40 & 30 \\\hline 18 & 45 & 25 \\\hline\end{array}$$
-Using the above data, if the price of a widget is $20, then a ___________________ of widgets exists and the quantity of widgets demanded _____ the quantity of widgets supplied.

---

Definitions:

Traditional Format

In accounting, it refers to the conventional way of reporting income statements, segmenting costs into categories like cost of goods sold, operating expenses.

Cost Of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including raw materials, labor, and manufacturing overhead.

Variable Expenses

Costs that vary directly with the level of production or sales volume, such as raw materials and commission fees.

Fixed Cost

Costs that do not change with the level of output or activity in the short term, such as rent, insurance, and salaries of permanent staff.