Table 5-2 -Refer to Table 5-2.Which of the Three Supply Curves Represents

question 85

Multiple Choice

Table 5-2

-Refer to Table 5-2.Which of the three supply curves represents the least elastic supply?

• A)supply curve A
• B)supply curve B
• C)supply curve C
• D)There is no difference in the elasticity of the three supply curves.

---

Definitions:

Adjusting Journal Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Accrual

A method in accounting that recognizes financial events by matching revenues with expenses at the time the transaction occurs, not when payment is made or received.

Supplies Expense

The cost associated with the consumable items used in the operation of a business, such as office supplies or cleaning materials.

Adjusting Journal Entry

An entry in accounting that is made at the end of an accounting period to record any unrecognized income or expense for the period.