-Refer to the Figure Above

question 167

Multiple Choice

-Refer to the figure above. Which of the following could have caused the shift in the demand curve?

• A)a decrease in the price of a substitute for Good Z
• B)an increase in the price of a complement for Good Z
• C)a decrease in income if Good Z is an inferior good
• D)a decrease in the price of Good Z

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Definitions:

Expense

Outflows or other using up of assets or incurring of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major operations.

Asset

Resources owned by a company that are expected to provide future economic benefits, including tangible and intangible items like property, equipment, and trademarks.

Allowance for Doubtful Accounts

An estimate of the amount of accounts receivable that a company does not expect to collect, treated as a contra-asset account.

Bad Debts Expense

The cost associated with accounts receivable that a company does not expect to collect.