Consider the Following Statement: 'Due to the Drought the Quantity

question 63

Multiple Choice

Consider the following statement: 'Due to the drought the quantity of water available for consumption reduced dramatically'. This will cause a/an:

• A) downward movement along the supply curve for water.
• B) upward movement along the supply curve for water.
• C) rightward shift in the supply curve for water.
• D) leftward shift in the supply curve for water.

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Definitions:

Total Assets

The sum of everything an organization owns, both current and noncurrent, that can be used to generate value.

Income Statement

A report detailing a business's income, outgoings, and profit over a set period.

Financial Statement

A financial statement is a report that provides information regarding a company's financial performance and position, including its income statement, balance sheet, and cash flow statement.

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.