The Figure Below Is the Graph of Both the Demand

question 22

Multiple Choice

The figure below is the graph of both the demand function D and the supply function S for the same product, where P is the price per unit and Q is the number of units produced. Will there be a market surplus or shortage when the price P is $250? ​ ​

• A)There will be a market shortage.
• B)There will be a market surplus.

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Definitions:

Cash Receipts

A record of all money coming into a business, indicating the company's inflow of cash from its various activities.

Sales Clerk

An employee typically found in a retail environment responsible for assisting customers, processing transactions, and organizing products.

Accounting Controls

Processes and procedures implemented by a company to ensure the accuracy and integrity of its financial statements and to prevent fraud.

Internal Control Measures

Procedures and policies implemented by a corporation to ensure integrity of financial and accounting information, promote accountability, and prevent fraud.