In the Table Given Below,which of the Following Statements Is

question 56

Multiple Choice

In the table given below,which of the following statements is correct regarding the market for corn?
?
$$\begin{array} { | l | c | c | c | c | } \hline & 2008 & 2009 & 2010 & 2011 \\\hline \text { Price } & \$ 2 & \$ 3 & \$ 4 & \$ 4 \\\hline \text { Quantity } & 1,000,000 & 200,000 & 1,000,000 & 2,000,000 \\\hline\end{array}$$

• A)In 2008,there was an excess supply of corn in the economy.
• B)In 2008,the corn market was not in equilibrium.
• C)The weather for corn production was probably better in 2010 than in 2009.
• D)Between 2010 and 2011,both the supply and demand for corn must have increased by the same amount.
• E)Between 2009 and 2010,the demand for corn decreased.

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Definitions:

Finished Goods

Items that have finished being manufactured and are available for purchase.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including the cost of the materials and labor used in their production.

Job-Order Costing System

An accounting method that assigns costs to specific production batches or jobs and is used in situations where each job is distinct and not mass-produced.

Direct Labour Costs

Expenses that a company incurs for labor directly involved in the production of goods or services, often a significant component of total production costs.