If the Price Per Bushel of Apples Increased from $7

question 413

Multiple Choice

If the price per bushel of apples increased from $7.00 to $8.00 because of a poor harvest, the

• A) quantity of apples demanded decreases.
• B) demand for apples decreases.
• C) quantity of apples supplied decreases.
• D) Both answers A and B are correct.

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Definitions:

Periodically Recorded

Financial transactions or events that are recorded at regular intervals, such as monthly, quarterly, or annually.

Bank Credit Cards

Financial instruments issued by banks that allow cardholders to borrow funds with which to pay for goods and services, subject to the agreement that the funds will be repaid.

Credit Sales

Transactions in which goods or services are provided to a customer with the agreement that payment will be made at a later date.

Credit Card Sales

Transactions in which goods or services are purchased using a credit card, immediate revenue for the seller, albeit often with processing fees deducted by the credit card processor.