Industries Inc

question 28

Multiple Choice

Industries Inc., drew a check payable to Gloria Schell and Pippen Tallit in the sum of $20,000. For a proper negotiation, the check:

• A) needs to be indorsed only by Gloria Schell, since her name appears first.
• B) needs to be indorsed by either payee, since the indorsement of only one of the payees is necessary to negotiate the check.
• C) needs to be indorsed by both payees.
• D) needs to be indorsed by the maker.

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Definitions:

Price to Clear

Price to Clear is the market price at which the quantity of goods supplied is equal to the quantity of goods demanded, thereby clearing the market.

Profit Per Unit

The revenue obtained per unit of a product or service sold, minus the cost per unit.

Optimal Output

The level of production that generates the highest possible profit for a firm, taking into account costs and revenue.

Price to Clear

The market price at which the quantity supplied of a good matches the quantity demanded, leading to an equilibrium where there is no surplus or shortage.