Beef Is a Normal Good and People's Incomes Fall

question 325

Multiple Choice

Beef is a normal good and people's incomes fall. At the same time a bumper corn crop reduces the cost of feeding steers. These changes result in

• A) an increase in the equilibrium quantity of beef.
• B) an increase in the equilibrium quantity of beef if the shift in the demand curve is smaller than the shift in the supply curve.
• C) an increase in the equilibrium quantity of beef if the shift in the demand curve is larger than the shift in the supply curve.
• D) no change in the equilibrium quantity of beef.

Apply the percentage of sales and analysis of receivables methods to estimate bad debts.

Record the recovery of a receivable previously written off.

Understand the allowance method of accounting for uncollectible accounts.

Differentiate between the impact of various transactions on balance sheet and income statement accounts.

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