The Price at Which the Quantity of Goods Demanded,and the Quantity

question 56

Multiple Choice

The price at which the quantity of goods demanded,and the quantity of goods supplied are equal is referred to as

• A)the going rate.
• B)the point-of-no-return price.
• C)the equilibrium price.
• D)the highest price.
• E)the lowest price.

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Definitions:

Profit Center

A decentralized unit in which the manager has the responsibility and the authority to make decisions that affect both costs and revenues (and thus profits).

Department Manager

An individual responsible for overseeing the operations, staff, and performance of a specific department within an organization.

Authority

The power or right to give orders, make decisions, and enforce obedience.

Cost Center

A decentralized unit in which the department or division manager has responsibility for the control of costs incurred and the authority to make decisions that affect these costs.