Examlex
Match the following types of adjusting entries to the listed situation. (Choices may be used more than once.)
-Revenue is earned for previously received advance cash collections
Shortage
The insufficiency of a good or service that occurs when the quantity demanded exceeds the quantity supplied; shortages occur when the price is below the equilibrium price.
Price Elasticity of Demand
The rate at which demand for a product responds to its price being altered.
Short Run
The period in economic theory during which at least one factor of production is considered fixed.
Long Run
A period in which all factors of production can be varied, and no inputs are fixed.
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