When the Price of Apples Is Higher Than the Equilibrium

question 35

Multiple Choice

When the price of apples is higher than the equilibrium price:

• A) a surplus occurs
• B) market forces will increase the price until equilibrium is reached
• C) a shortage occurs
• D) the market is in equilibrium

Understand how business transactions affect financial statements.

Analyze and correct errors in trial balances and accounting records.

Understand the setup and use of T-accounts in recording transactions.

Prepare basic financial statements: income statement, statement of retained earnings, and balance sheet.

---

Definitions:

Perceives

The process by which an individual becomes aware of or interprets sensory information.

Mood Disorders

A category of mental disorders involving persistent disturbances or fluctuations in mood that cause significant impairment in daily functioning.

Schizophrenic Disorders

A group of severe mental disorders characterized by disordered thoughts, perceptions, and emotions, leading to a detachment from reality.

Disturbed Emotion

An emotional state that is agitated or disrupted, often leading to psychological discomfort or behavior that deviates from the individual's normal emotional responses.