When a Perfectly Competitive, Well-Functioning Market Is Not in Equilibrium

question 15

Multiple Choice

When a perfectly competitive, well-functioning market is not in equilibrium:

• A) total surplus is not maximized.
• B) the market is not efficient.
• C) exchanges exist that make some better off without making someone else worse off.
• D) All of these are correct.

Understand the purpose and process of maintaining and replenishing a petty cash fund.

Analyze and prepare journal entries related to petty cash transactions, including establishment, replenishment, and adjustment of the fund size.

Interpret and prepare bank reconciliations, identifying the necessary adjustments for the company’s cash account.

Distinguish between cash and cash equivalents.

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