Which of the Following Is a Result of a Market

question 78

Multiple Choice

Which of the following is a result of a market economy?

• A)environmental protection
• B)an equal income distribution
• C)agreement on equity
• D)voluntary exchange

---

Definitions:

Estimated Warranty Liability

A provision in the financial statements estimating the cost a company expects to incur under its product warranty commitments.

Customer Warranties

Promises made by sellers to buyers to repair or replace products that fail within a certain period of time after sale.

Merchandise Inventory

Merchandise inventory refers to the products a company has available for sale to customers at any given time.

Note Payable

A written promise to pay a specific sum of money to a party on demand or at a predetermined future date.