Refer to the Following List of Liability Balances at December

question 66

Multiple Choice

Refer to the following list of liability balances at December 31, 2017. What is the total amount of long-term liabilities?

• A) $49,000
• B) $109,000
• C) $100,000
• D) $40,000

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Definitions:

Elastic Demand

A situation where the demand for a product or service significantly changes in response to a change in its price.

Substitutes Availability

The presence of alternative products or services that consumers can turn to when the price of a good increases or its quality decreases.

Supply Curves

A graph that shows the relationship between the price of a good and the quantity of the good that suppliers are willing to offer for sale at that price.

Long-Run Supply

The relationship between the price of a product and the quantity of the product a firm is willing to supply, considering all inputs are variable and adjusting to new market conditions over time.