You Are Asked to Determine, Other Things Equal, the Effects

question 133

Multiple Choice

You are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product Xupon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X.Refer to the above.An increase in the price of a product which is a close substitute for X will:

• A)decrease D, increase P, and decrease Q.
• B)increase D, increase P, and decrease Q.
• C)increase D, increase P, and increase Q.
• D)increase D, decrease P, and increase Q.

Acknowledge the significance of ongoing education and information acquisition in one’s field.

Distinguish between various job search strategies and tools.

Grasp the different compensation mechanisms in the workplace.

Understand the components and benefits of various types of job searching strategies including internet searches and classified advertisements.

---

Definitions:

Income Statement

A report detailing a business's income, outgoings, and profit over a set period.

Financial Statement

A financial statement is a report that provides information regarding a company's financial performance and position, including its income statement, balance sheet, and cash flow statement.

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Accounting Equation

The fundamental equation of double-entry bookkeeping, stating that assets equal liabilities plus equity.