If a Price Is Demand Determined, Then

question 124

Multiple Choice

If a price is demand determined, then

• A) the supply curve must be horizontal.
• B) the supply curve must be vertical.
• C) the demand curve must be vertical.
• D) the demand curve must be upward sloping.

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Definitions:

Economic Value

The worth of a good or service as determined by the market or the utility it provides to individuals or firms.

Future

Future refers to the time or period that is to come after the present, often considered in the context of uncertainty or potential.

Recognition

In accounting, recognition refers to the formal recording of an item in the financial statements, acknowledging its existence and the fact that it meets the criteria for financial reporting.

Revenue

Income that a business receives from its normal business activities, usually from the sale of goods and services to customers.