Use the Following to Answer Question

question 147

Multiple Choice

Use the following to answer question:
-(Table: Short-Run Supply Curve) Look at the table Short-Run Supply Curve. The table lists three supply points for a perfectly competitive firm operating in the short run. If the industry is composed of 120 identical firms, a price of _____ and a quantity of _____ will be a point on the short-run industry supply curve.

• A) $5; 1,650
• B) $1,200; 40
• C) $960; 3,840
• D) $10; 4,800

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Definitions:

Reasonably Possible

Describes a level of likelihood that something might occur, under consideration in areas like assessments of contingent liabilities.

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a framework of accounting standards, principles, and procedures used in the compilation of financial statements.

IFRS

Stands for International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that aim to bring consistency to financial reporting around the world.

Probable

The likelihood or high chance of something happening or being the case, often used in contexts of forecasting or prediction.