If You Do Not Budget for Unexpected Expenses in a Given

question 84

Multiple Choice

If you do not budget for unexpected expenses in a given month, you will likely experience a(n)

• A) cash shortage.
• B) cash surplus.
• C) increase in assets.
• D) decrease in liabilities.

---

Definitions:

Long-Run Equilibrium

A state in a market where supply equals demand, all firms are earning normal profits, and no firm has an incentive to change its output or price.

Profit-Maximizing Level

The profit-maximizing level is the point at which a firm achieves the highest possible profit, determined by analyzing costs and revenue to find the most efficient production volume.

Demand Schedule

A graphical representation that illustrates how much of an item or service consumers are ready and financially able to acquire at assorted price points.

Monopolistically Competitive

A market structure characterized by many sellers offering differentiated products, leading to competition based on product quality, price, and marketing.