Two Goods That Are Substitutes Are

question 152

Multiple Choice

Two goods that are substitutes are:

• A) bacon and eggs.
• B) camera and film.
• C) tennis racket and tennis balls.
• D) movie theater tickets and video rentals.
• E) coffee and cream.

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Definitions:

Net Realizable Value

The estimated selling price of goods, minus the cost of their sale or disposal, representing what a company can expect to receive.

Replacement Cost

The current cost of replacing an asset with a new one of similar kind and quality.

LIFO

Last-In, First-Out, an inventory valuation method where the most recently produced or acquired items are the first to be expensed.

Inventory Liquidations

The process of converting a company's inventory into cash, typically at a discount, often used to meet short-term financial needs.