-Figure 4-3 Shows the Supply and Demand for Socks

question 36

Multiple Choice

$$\begin{array} { | c c c } \hline { \text { Fimure 4-3 } } \\\hline \text { Price } & \text { Quartity } & \text { Quartity } \\\text { Per Pair } & \text { Demarded } & \text { Supplied } \\\hline \$ 2 & 18 & 3 \\\$ 4 & 14 & 4 \\\$ 6 & 10 & 5 \\\$ 8 & 6 & 6 \\\$ 10 & 2 & 8 \\\hline\end{array}$$
-Figure 4-3 shows the supply and demand for socks.If a price floor of $10 is imposed,the quantity of socks actually purchased will be

• A) 6 pairs
• B) 10 pairs
• C) 2 pairs
• D) 8 pairs
• E) 1 pair

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Definitions:

Unit

A single, distinct item or entity that is a part of a larger group, system, or measure.

Break-Even Point

The point where the amount of goods produced or sold matches the total costs, leading to neither profit nor loss.

Contribution Format

An income statement format that separates fixed and variable costs, making it easier to see the contribution margin.

Income Statement

A report that outlines the financial results of a business, including its income, expenditures, and net profits or losses, for a defined accounting period.