Assume That in the Market for Plasma TVs There Is

question 27

Multiple Choice

Assume that in the market for plasma TVs there is an increase in supply.The result will be:

• A)an increase in equilibrium price and quantity.
• B)a decrease in equilibrium price and quantity.
• C)an increase in equilibrium quantity and uncertain effect on equilibrium price.
• D)a decrease in equilibrium price and increase in equilibrium quantity.

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Definitions:

Accrued Expense

An expense that has been incurred but not yet paid, reflecting in a company's financial statements before the cash changes hands.

Net Income

The total earnings of a company after subtracting all expenses, including taxes and operational costs, from its total revenue.

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.

Insurance Expense

The cost attributed to procuring insurance for business operations, properties, liability, and other risk management purposes, treated as an expense on the income statement.