If the Price of Good a Decreases by 10 Percent

question 3

Multiple Choice

If the price of good A decreases by 10 percent and the quantity demanded of good B increases by 10 percent, this is evidence that goods A and B are

• A)substitute for one another.
• B)complement goods to one another.
• C)both inferior goods.
• D)both normal goods.
• E)not related.

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Definitions:

Special Journal

A special journal is a financial journal in accounting that is used to record and categorize specific types of transactions such as sales, purchases, cash receipts, and cash disbursements.

Special Journal

A specialized accounting journal designed to record and summarize specific types of transactions efficiently.

Post. Ref.

A reference column in a journal entry that indicates the ledger account number where the entry appears, aiding in the tracking of transactions.

Posting Process

The act of transferring entries from the journal to the ledger accounts in bookkeeping.