Figure 4.3 -Figure 4.3 Illustrates the Supply and Demand for Blue Jeans.If

question 8

Multiple Choice

Figure 4.3
-Figure 4.3 illustrates the supply and demand for blue jeans.If the actual price of blue jeans is $30,there is

• A) excess demand of 40 pairs of blue jeans.
• B) excess supply of 40 pairs of blue jeans.
• C) excess demand of 50 pairs of blue jeans.
• D) excess supply of 50 pairs of blue jeans.

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Definitions:

Chronological Order

The arrangement of events, documents, or records in the sequence of their occurrence.

Prepaid Insurance

An asset account representing insurance payments made in advance of the coverage period, recognized as an expense over time.

Insurance Payable

A liability account that represents amounts owed for insurance premiums that are due but not yet paid.

Proprietorship

A business owned by one individual.