If Merchandise Sells for $3,500, with Terms of 3/15, N/45

question 61

Multiple Choice

If merchandise sells for $3,500, with terms of 3/15, n/45, and the cost of the inventory sold is $2,100, the amount charged to sales is

• A) $3,395
• B) $3,500
• C) $2,037
• D) $2,100

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Definitions:

Long-Run Equilibrium

A state in economics where all factors of production are fully adjusted to market conditions, leading to a steady state where no incentives exist for further adjustment.

Demand Curve

A graphical representation that displays the relationship between the price of a good or service and the quantity demanded by consumers over a period of time.

Average Total Cost

The sum of all production costs (both fixed and variable) divided by the amount of product made.

ISO Quality Standards

A series of frameworks and guidelines established by the International Organization for Standardization to help companies ensure their products and services meet customer and regulatory requirements.