Table 3.4.2 -Refer to Table 3.4.2. the Table Shows the Demand and Shows

question 49

Multiple Choice

Table 3.4.2

-Refer to Table 3.4.2. The table shows the demand and supply schedules for shampoo. If the price is $6 a bottle, there is a ________ of shampoo. So the price of a bottle of shampoo ________, the quantity demanded ________ and the quantity supplied ________. The market moves to equilibrium.

• A)shortage; rises; decreases; increases
• B)shortage; falls; decreases; increases
• C)surplus; rises; increases; decreases
• D)surplus; falls; increases; decreases
• E)shortage; rises; increases; decreases

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Definitions:

Financial Statement Column(s)

Columns in financial statements that organize data, such as assets, liabilities, and equity, to convey a company's financial position or performance.

Net Income

The net income of a business following the subtraction of all costs and tax obligations from its total earnings.

Periodic Inventory System

A method of inventory management in which the inventory levels are updated and cost of goods sold is calculated periodically at the end of a reporting period.

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries have been made, used to prepare financial statements.