Use the Following Information for Questions

question 15

Multiple Choice

Use the following information for questions:
Cartage Co.signed a $17,000, six-month note on October 1, 2011.Principal and interest are due at maturity.The interest rate is 6%.
-The total liability reflected on the December 31 balance sheet related to this note would be closest to?

• A)$17,000
• B)$17,085
• C)$17,255
• D)$18,020

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Definitions:

Elastic

Describes a condition in economics where the demand or supply for a product is sensitive to changes in price, leading to significant changes in quantity demanded or supplied.

Herfindahl Index

A measure of market concentration, determining the competitiveness of an industry based on the sum of the squares of the market shares of all firms within it.

Product Differentiation

The strategy of distinguishing a product or service from others in the market to make it more attractive to a particular target market.

Herfindahl Index

A measure of market concentration that squares the market share of each firm competing in the market and sums the resulting numbers, used to assess the competitiveness of a market.