Figure 10-1 ​

question 65

Multiple Choice

Figure 10-1
​
-If the price level in Figure 10-1 were 110,

• A)inventories would be accumulating.
• B)firms would have to lower their prices.
• C)aggregate quantity demanded would equal aggregate quantity supplied.
• D)shortages of goods would exist.

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Definitions:

Disgruntled Employee

An employee who is discontented or dissatisfied with their job, potentially leading to reduced productivity or morale in the workplace.

Vacation Pay

Compensation for employees for time not worked due to vacation, accounted for by employers as a liability until used.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Average Repair Cost

The mean cost incurred for repairing an asset over a certain period, calculated by dividing the total repair costs by the number of repairs.