One Point on a Market Supply Curve Represents $4 and 100

question 120

Multiple Choice

One point on a market supply curve represents $4 and 100 units quantity supplied.If there are three suppliers,and at a price of $4 one of the suppliers supplies 23 units,then which of the following combinations of price and quantity supplied might hold for the other two suppliers?

• A) At $4,quantity supplied could be 40 units for one supplier and 27 for the other.
• B) At $4,quantity supplied could be 33 units for one supplier and 27 for the other.
• C) At $4,quantity supplied could be 40 units for one supplier and 37 for the other.
• D) At $4,quantity supplied could be 77 units for one supplier and 10 for the other.
• E) There is not enough information to answer this question.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer balances from temporary to permanent accounts and prepare the company's books for the next period.

Closing Process

The closing process involves the steps taken to finalize all accounting records and summarize financial activities for a specific period, preparing for the next accounting cycle.

Financial Statements

Documents that provide an overview of a company's financial condition, including income statement, balance sheet, and cash flow statement.

Adjusted Trial Balance

A financial statement that lists all account titles and their balances after adjusting entries are made, ensuring the total debits equal total credits.