Which of the Following Would Be the Least Likely Result

question 102

Multiple Choice

Which of the following would be the least likely result of a priceceiling imposed in the market for gasoline?

• A)Buyers line up to buy gasoline.
• B)Buyers bribe station attendants to fill up their tanks.
• C)Some buyers will get less gasoline than they want.
• D)Competition in the market will be eliminated.(True Answer )Correct

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Definitions:

Materials Account

An account used to track the cost of raw materials that are bought and used during production processes.

Debit

An accounting entry that results in either an increase in assets or a decrease in liabilities on a company’s balance sheet.

Labour Efficiency Variance

The difference between the actual hours worked and the standard hours allowed for the work performed, often used to assess workforce productivity.

Material Price Variance

The difference between the actual cost of materials and the expected (standard) cost, multiplied by the quantity of materials purchased.