Examlex

Solved

-The Table Above Shows the Situation in the Gasoline Market

question 41

Multiple Choice

  -The table above shows the situation in the gasoline market in Tulsa,Oklahoma.If the price of a gallon of gasoline is $3.73,then A)  there is a surplus of gasoline in Tulsa. B)  there is a shortage of gasoline in Tulsa. C)  the gasoline market in Tulsa is in equilibrium. D)  without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa. E)  there is neither a surplus nor a shortage, but the market is NOT in equilibrium.
-The table above shows the situation in the gasoline market in Tulsa,Oklahoma.If the price of a gallon of gasoline is $3.73,then


Definitions:

Voucher System

A control mechanism in accounting to ensure all business transactions are properly authorized and recorded.

Liabilities

A company's legal financial debts or obligations that arise during the course of business operations, to be settled over time through the transfer of economic benefits including money, goods, or services.

Cash Payment

A transaction in which the payment for a good or service is made with cash at the time of purchase.

Cash Register Tape

A continuous roll of paper that records the transactions processed through a cash register, serving as a transactional record.

Related Questions