The Difference Between Assets and Liabilities Is Called

question 23

Multiple Choice

The difference between assets and liabilities is called

• A) surplus.
• B) deficit.
• C) net income.
• D) net worth.

---

Definitions:

Price Range

The difference between the highest and lowest prices in a given market during a specific period of time.

Supply

The total amount of a good or service available for purchase at any given price level in a given market.

Inelastic

Describes a situation where the demand or supply for a good or service is not significantly changed by variations in price.

Elastic

Describes a situation in which the demand or supply for a good or service significantly changes in response to a change in price.