In Which Statement Is the Term "Demand" Used Correctly? (1)An

question 117

Multiple Choice

In which statement is the term "demand" used correctly? (1) An increase in the price of copper will lead to a decrease in the demand for copper.(2) An increase in the price of copper will lead to an increase in the demand for aluminum (a substitute for copper) .

• A)neither statement
• B)the first statement only
• C)the second statement only
• D)both statements
• E)more information is needed

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Definitions:

Unearned Rent

is income received by a landlord for rent that has been paid in advance by a tenant but has not yet been earned.

Adjust Revenue

The act of modifying the reported amount of revenue to more accurately reflect the earnings of a period, following certain accounting principles and standards.

Reported

Refers to information or data that has been officially announced or presented.

Matching Principle

An accounting principle that states expenses should be recognized in the same period as the revenue they helped generate.