Use the Following to Answer Questions: Table: Equilibrium Price, Quantity

question 103

Multiple Choice

Use the following to answer questions: Table: Equilibrium Price, Quantity $$\begin{array} { c c c } \hline \boldsymbol { P } & \boldsymbol { Q } _ { \mathbf { d } } & \boldsymbol { Q } _ { \mathbf { s } } \\\hline \$ 10 & 50 & 30 \\12 & 45 & 35 \\14 & 40 & 40 \\16 & 35 & 45 \\18 & 30 & 50 \\\hline\end{array}$$
-(Table: Equilibrium Price, Quantity) Refer to the table. If the price in the market was $12, there would be a:

• A) shortage of 10 units.
• B) shortage of 45 units.
• C) surplus of 10 units.
• D) surplus of 35 units.

Understand how to budget and control selling and administrative expenses.

Prepare and analyze a manufacturing overhead budget, understanding both variable and fixed components.

Compute budgeted cash disbursements for manufacturing overhead based on direct labor-hours and overhead rates.

Understand and apply the concept of budgeting in merchandising and manufacturing firms.

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