For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
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Definitions:
Immediate Market Period
A very short time frame in economics during which the supply of a good is fixed, meaning that the quantity of the good cannot change in response to a change in price.
Time Horizon
The length of time over which an investment, project, or policy is intended or expected to operate or have an impact.
Demand Curve
A demand curve is a graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers over a certain period.
Law of Supply
An economic principle stating that as the price of a good or service increases, the quantity supplied of that good or service also increases, all else being equal.
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