Reference: Ref 3-4 (Figure: Supply Shifts) in the Figure, the Initial

question 111

Multiple Choice

Reference: Ref 3-4 (Figure: Supply Shifts) In the figure, the initial supply curve is S1. If producers form expectations that the price will be lower in the near future, S1 will:

• A) shift to S2.
• B) shift to S3.
• C) not shift.
• D) not shift, although the price of the good will decrease today.

---

Definitions:

Unearned Ticket Revenue

Revenue received from tickets sold for future events, which is considered a liability until the service (the event) is provided.

Adjusted Trial Balance

An accounting worksheet that reflects the account balances after adjustments are made for accruals and deferrals at the end of a reporting period.

Net Income

The total earnings of a company after subtracting all expenses, including taxes and operating costs, indicating the profitability over a specified time period.

Total Assets

The sum of all assets owned by an entity, including both current and non-current assets.