(Figure: Market Demand Curve I) the Graph Shows the Market

question 39

Multiple Choice

(Figure: Market Demand Curve I) The graph shows the market demand curve. The equilibrium price in a two-firm cartel is $____.

• A) 24
• B) 18.64
• C) 12
• D) 8

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Definitions:

Ledger

A detailed financial statement showing all the transactions of a business, used to compile the financial statements.

Unadjusted Trial Balance

A list of all the general ledger accounts and their balances at a specific time before any adjusting entries are made.

Accounting Cycle

The collective process of recording and processing all financial transactions of a company, from when the transaction occurs, to its representation on financial statements, followed by closure of accounts.

Working Capital

The excess of the current assets of a business over its current liabilities.