A Sudden,end-Of-Summer Heat Wave Increases the Demand for Air Conditioners

question 66

Multiple Choice

A sudden,end-of-summer heat wave increases the demand for air conditioners and catches suppliers with no reserve inventories.The momentary supply for air conditioners is

• A)perfectly elastic.
• B)perfectly inelastic.
• C)elastic.
• D)shown by an upward-sloping curve.
• E)shown by a horizontal curve.

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Definitions:

Accounts Payable Transaction

Financial activities related to the money owed by a company to its creditors or suppliers for goods and services received.

Accounts Payable

Money owed by a business to its suppliers or creditors for goods and services received but not yet paid for.

Credit

An accounting entry that either increases equity, liability, or revenue accounts, or decreases an asset or expense account.

Debit

An entry recorded on the left side of a double-entry accounting system that increases assets or expenses and decreases liabilities, equity, and revenue.