If at Some Administered Price There Is Excess Demand

question 14

Multiple Choice

If at some administered price there is excess demand,

• A) the market is in its free- market equilibrium.
• B) none of the product will be exchanged.
• C) the market is in disequilibrium.
• D) there are unsuccessful sellers.
• E) the product has not reached the point of saturation.

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Definitions:

Deposit In Transit

Funds that have been deposited by a company but not yet credited to its bank account.

Ledger

A comprehensive collection of a company's financial accounts.

Petty Cash Fund

A small amount of cash kept on hand by a business for making immediate payments for miscellaneous small expenses.

Journal Entries

The basic means of recording financial transactions in the accounting records, consisting of debits and credits to various accounts.