Answer the Question Based on the Following Table, Which Shows

question 30

Multiple Choice

Answer the question based on the following table, which shows a demand schedule. Total revenues will increase if price

• A)rises from $4 to $5.
• B)falls from $3 to $2.
• C)falls from $4 to $3.
• D)rises from $1 to $2.

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Definitions:

LIFO

A method of inventory valuation called "Last-In, First-Out," where the most recently acquired items are the first to be expensed.

Tax Advantage

A tax advantage refers to the economic bonus that applies to certain investments or transactions that are favored by tax policy, allowing for a reduction in tax liabilities.

Lower of Cost

A principle that states inventory should be recorded at the lesser of its historical cost or the current market value, to ensure assets are not overstated.

IFRS

International Financial Reporting Standards, which are international accounting standards set by the International Accounting Standards Board to ensure transparency and comparability of financial statements worldwide.