Demand Is Said to Be Elastic If

question 143

Multiple Choice

Demand is said to be elastic if:

• A)the price of the good responds substantially to changes in demand
• B)the supply of the good responds weakly to changes in demand
• C)the quantity demanded responds substantially to changes in the quantity supplied of the good
• D)the quantity demanded responds substantially to changes in the price of the good

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Definitions:

Adjusting Entries

Entries recorded in the journals at the close of an accounting period to distribute income and expenditures to the period they actually took place.

Bank Reconciliation

Bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.

NSF Check

A check that is not honored by a bank due to insufficient funds in the account of the person who wrote it; also known as a bounced check.

Bank Service Charge

Fees charged by banks for various services such as account maintenance, transactions, or overdrafts.