Which of the Following Is not a Long-Lived Asset

question 23

Multiple Choice

Which of the following is not a long-lived asset?

• A) supplies
• B) buildings
• C) land
• D) furniture

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Definitions:

Equilibrium Quantity

The quantity of goods or services at which supply equals demand, leading to market stability.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity demanded at the market equilibrium price.

Demand Increases

A situation wherein there is a rise in the quantity of a product or service sought after by consumers at a given price level.