Which of the Following Is Caused by a Surplus of Shoes

question 130

Multiple Choice

Which of the following is caused by a surplus of shoes?  

• A) a decrease in the supply of shoes 
• B) a decrease in the demand for shoes 
• C) both a decrease in the supply of shoes and an increase in the demand for shoes 
• D) a decrease in the price of shoes

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Definitions:

Carryback

Carryback involves applying tax deductions or credits to a prior tax year, resulting in a tax refund or reduced tax liability.

Carry Forward

A provision that allows individuals or businesses to apply current year losses, credits, or deductions to future tax years, to reduce taxable income.

Corporation

A legal entity that is separate and distinct from its owners, capable of owning property, entering contracts, and being sued.

Income Tax Payable

The amount of income tax a company owes to the government but has not paid by the end of the period.