The Beginning Balance in the Computers Account Was $3,000

question 6

Multiple Choice

The beginning balance in the Computers account was $3,000.The company purchased an additional $1000 worth of computers.The ending balance in the account is:

• A)debit of $2,000.
• B)credit of $3,000.
• C)debit of $4,000.
• D)credit of $2,000.

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Definitions:

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a good and the actual market price they pay.

Marginal Benefit

The additional satisfaction or utility that a person receives from consuming one more unit of a good or service.

Total Utility

The overall level of satisfaction or fulfillment a consumer receives from consuming a specific quantity of a good or service.

Income Effect

The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.