In the Market Shown in the Graph, the Equilibrium Price

question 98

Multiple Choice

In the market shown in the graph, the equilibrium price is ___ and the equilibrium quantity is _____.

• A)$5; 30
• B)$10; 20
• C)$20; 10
• D)$15; 30

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Definitions:

Debits

An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet or in its income statement.

Credits

An accounting entry that either increases liabilities and equity or decreases assets, reflective of the dual-entry bookkeeping system.

Rental Receipts

Income received from renting out property or equipment.

Unearned Revenue

Refers to payments received for products or services yet to be fulfilled, a liability on the balance sheet until delivery of service or product.