Use the Table Below to Answer the Following Questions

question 161

Multiple Choice

Use the table below to answer the following questions.
Table 3.4.1

-In Table 3.4.1,the equilibrium price is

• A)$7 a unit.
• B)$5 a unit.
• C)$4 a unit.
• D)$3 a unit.
• E)$1 a unit.

---

Definitions:

Sales Tax

A tax paid to a governing body for the sales of certain goods and services, usually collected by the retailer.

Entry Record

The documented recording of a financial transaction in an accounting system.

Sales and Sales Taxes

Revenue from goods or services sold, and the tax collected on these sales, which is remitted to the government.

Gross Earnings

The total income earned by a business before deductions such as taxes, expenses, and costs.