Figure 3-4 -Refer to Figure 3-4.If the Price Is $20

question 18

Multiple Choice

Figure 3-4
-Refer to Figure 3-4.If the price is $20,

• A)there would be a surplus of 600 units.
• B)there would be a shortage of 600 units.
• C)quantity demanded is zero.
• D)the market is in equilibrium.

---

Definitions:

Recurring Transactions

Transactions that occur at regular intervals, such as monthly subscriptions or annual memberships.

Revenues

The total amount of income generated by the sale of goods or services related to a company's primary operations.

Debits

Accounting entries that increase asset or expense accounts, or decrease liability or equity accounts, on the left side of a general ledger.

Credits

Accounting entries that increase liability, revenue, or equity accounts and decrease asset or expense accounts.