Table 3-2 -Refer to Table 3-2. If the Price Is $1,000

question 149

Multiple Choice

Table 3-2

-Refer to Table 3-2. If the price is $1,000,

• A)Denise is an eager supplier.
• B)Catherine is an eager supplier.
• C)Dale's producer surplus is $500.
• D)All of the above are correct.

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Definitions:

Ending Inventory

The total value of all inventory, including raw materials, work-in-progress, and finished goods, that a business has at the end of an accounting period.

FOB Shipping Point

FOB Shipping Point, or Free On Board Shipping Point, means that the buyer takes responsibility for shipping costs and liability once the goods leave the seller's premises.

Year-End Inventory

The total value of a company's inventory at the end of its fiscal year.

Consignee's Location

The address or place where goods are to be delivered, typically belonging to the person or entity that will receive the goods.