When the Demand Curve Shifts Rightward and the Supply Curve

question 189

Multiple Choice

When the demand curve shifts rightward and the supply curve shifts leftward, then the equilibrium price ________ and the equilibrium quantity ________.

• A) rises; decreases
• B) falls; increases
• C) rises; probably changes but the direction of the change cannot be determined
• D) probably changes but the direction of the change cannot be determined; increases

Fix misstated net income due to inventory count errors and analyze impact on financial statements.

Identify and calculate key inventory ratios and their significance in evaluating a company's performance.

Analyze the effects of inventory valuation errors on gross profit and prepare corrected income statements.

Apply inventory valuation methods to estimate the cost of ending inventory using the retail inventory method.

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