A Decrease in Quantity Demanded Because of an Increase in Price

question 381

Multiple Choice

A decrease in quantity demanded because of an increase in price is represented by a

• A) rightward shift of the demand curve.
• B) leftward shift of the demand curve.
• C) movement up and to the left along the demand curve.
• D) movement down and to the right along the demand curve.

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Definitions:

Adjusting Entry

At the end of an accounting timeframe, records are made to attribute income and spending to the specific period in which they were incurred.

Accumulated Depreciation

The total sum of depreciation for a fixed asset that has been charged to expense since the asset was acquired and placed into service.

Book Value

The value of an asset as recorded on the balance sheet, calculated as the cost of the asset minus any accumulated depreciation.

Equipment Cost

The total amount spent on purchasing equipment, including the purchase price, taxes, shipping, and installation fees.