Use the Following to Answer Questions

question 141

Multiple Choice

Use the following to answer questions :
Figure: The Demand and Supply of Wheat
-(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and Supply of Wheat. A temporary price of $2 in this market would result in a _____ of _____ bushels.

• A)surplus; 4,000
• B)shortage; 8,000
• C)shortage; 10,000
• D)surplus; 10,000

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Definitions:

Operating Budgets

A financial plan that estimates the expected income and expenses for a specific period in the future, often used to guide business activities.

Continuous Budgets

Budgets that are regularly updated by adding a new period as the current period is completed, facilitating constant financial planning.

Sales Budget

A financial plan that estimates the expected revenue from sales over a specific period, guiding business strategies and operations.

Sales Forecasts

Predictions about the future sales performance of a company or product, based on market analysis and historical sales data, used for planning purposes.