If the Quantity Demanded for a Good Is Given by the Equation

question 11

Multiple Choice

If the quantity demanded for a good is given by the equation Qd = 100 - 4P, if the price is £10, then the quantity demanded is:

• A) 96
• B) 60
• C) 40
• D) 2.5

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Definitions:

Unearned Service Revenue

Income received by a company for services yet to be performed or delivered; it is recognized as a liability until the service is provided.

Adjusting Entry

An accounting entry made in the general ledger at the end of an accounting period to update accounts so they reflect the accrual basis of accounting.

Services Performed

The execution of tasks or provision of work done for clients or customers as part of business operations.

Supplies Expense

Costs recorded as an expense when supplies are used up in the normal course of doing business, not when they are purchased.