$\text { Figure } 3-10$ -In the Supply and Demand for Socks Schedules in Figure

question 45

Multiple Choice

$\text { Figure } 3-10$$$\begin{array} { | c c c | } \hline \begin{array} { c } \text { Price } \\\text { Per Pair }\end{array} & \begin{array} { c } \text { Quantity } \\\text { Demanded }\end{array} & \begin{array} { c } \text { Quantity } \\\text { Supplied }\end{array} \\\hline \$ 2 & 18 & 3 \\\$ 4 & 14 & 4 \\\$ 6 & 10 & 5 \\\$ 8 & 6 & 6 \\\$ 10 & 2 & 8 \\\hline\end{array}$$
-In the supply and demand for socks schedules in Figure 3-10,a price of $4 per pair results in

• A) equilibrium
• B) excess supply of 10 pairs
• C) excess demand of 5 pairs
• D) excess demand of 13 pairs
• E) excess demand of 10 pairs

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Definitions:

Sales

The total amount of a company's revenues earned from selling its goods or services over a specific period.

Collect

To gather or accumulate items or amounts, often used in the context of collecting funds, debts, or data.

Accounts Payable Period

The average amount of time it takes for a business to pay off its suppliers after receiving goods or services.

Cash Disbursements

Payments in cash made by a business, including expenses, dividend payments, and investment purchases.