Recall the Application About the Decrease in the Price of Wool

question 124

Multiple Choice

Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s) . In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.
-Recall the Application. The decrease in the price of wool would be reflected by a movement ________ on the market supply curve for wool.

• A) down and to the right
• B) down and to the left
• C) up and to the right
• D) up and to the left

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Definitions:

Accounts Receivable

Amounts owed to a business by its customers for goods or services sold on credit.

Operations Section

The operations section is a part of a business plan or organizational structure detailing the daily activities, facilities, and equipment necessary to produce goods or services.

Indirect Method

A way of calculating cash flows from operating activities in the cash flow statement by starting with net income and adjusting for changes in balance sheet accounts.

Depreciation Expenses

The systematic allocation of the cost of a tangible asset over its useful life.