Graph 7-4 
-In Graph 7-4, at the market-clearing equilibrium, total surplus is represented by the area:
Definitions:
Music Store Business
A commercial establishment that sells musical instruments, sheet music, and/or recorded music.
Gross Method
An accounting method for recording purchases at the invoice's full amount without deducting any cash discounts.
Gross Profit
The difference between sales revenue and the cost of goods sold, before deducting overheads, payroll, taxation, and interest.
Periodic Inventory System
An inventory accounting system where updates to inventory levels are made at specific intervals, rather than continuously.
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