The Laws of Supply and Demand Did Not Apply to Elephant

question 54

True/False

The laws of supply and demand did not apply to elephant tusks.

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Definitions:

T Account

The simplest form of an account.

Debit

An accounting entry that represents an increase in assets or expenses, or a decrease in liabilities, equity, or revenue.

Credit

An accounting entry that either decreases assets or increases liabilities and equity on a company's balance sheet, depending on the transaction.

Cash Account

An account recording all transactions involving cash, including receipts and payments.