Equilibrium in the Market Is Attained When

question 91

Multiple Choice

Equilibrium in the market is attained when

• A) the laws of supply and demand interact to set the price and quantity of a product at which buyers and sellers agree.
• B) there are no dramatic changes in the market over time.
• C) suppliers are willing to produce the quantity demanded.
• D) no single firm has more than 50 percent of the market.
• E) consumers are willing to pay the price being charged.

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Definitions:

Cash Receipts Journal

A financial journal that records all cash inflows to the business, including sales, loan proceeds, and investment income.

General Ledger

A complete record of all financial transactions over the life of a company, serving as the primary data source for the financial statements.

Accounts Receivable

Unpaid amounts by customers to a company for goods or services already rendered.

Cash Receipts Journal

A dedicated journal used to record all cash inflows or receipts of a business.