The Diagram Below Shows Supply and Demand Curves for Bicycles

question 95

Multiple Choice

The diagram below shows supply and demand curves for bicycles in the domestic Canadian market.Assume that all bicycles are identical. FIGURE 33-4
-Refer to Figure 33-4.Assume there is free trade in bicycles.At a world price of $300,Canada will ________ bicycles per year.

• A)import 30 000
• B)import 20 000
• C)export 30 000
• D)export 20 000
• E)export 50 000

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Definitions:

Adjusted Trial Balance

A financial report that lists all accounts and their balances after adjustments have been made, used to ensure the total debits equal the total credits before preparing financial statements.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the operating cycle of a business.

Classified Balance Sheet

A financial statement that organizes assets, liabilities, and equity into categorized sections for clarity and understanding of a company's financial position.

Classification Scheme

entails organizing data, concepts, or entities into categories or classes that share common traits or characteristics.