All Else Constant,a Large Decrease in the Number of People

question 89

Multiple Choice

All else constant,a large decrease in the number of people who want to own sport utility vehicles (SUVs) because of their poor fuel efficiency could be expected to cause:

• A)an increase in the supply of SUVs.
• B)a decrease in the equilibrium price of gasoline.
• C)an increase in the equilibrium price of SUVs.
• D)an increase in the supply of gasoline.

Recognize the documentation used in the purchasing process and their purposes.

Understand the effects of buying and returning merchandise on financial statements.

Appreciate the differences between the perpetual and periodic inventory systems.

Identify the types of accounts affected by the purchase and sale of merchandise.

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