Apple Sold More Than Seven Million IPads Within Months of Launching

question 24

Multiple Choice

Apple sold more than seven million iPads within months of launching the product. Prices for this product ranged from $499 to more than $800, and Apple had difficulty keeping up with the demand. Why were so many iPads sold?

• A) satisfaction outweighed demand
• B) need was greater than want
• C) consumption exceeded the need
• D) benefits were greater than costs

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Definitions:

Insurance Expense

The cost reported by a company for premiums it pays on its insurance policies, covering risks such as property damage, theft, or liability.

Accumulated Depreciation

The total amount of depreciation expense that has been charged against a fixed asset since it was put into use, representing the wear and tear over time.

Contra-Asset Account

An account that offsets or reduces the balance of its related asset account, such as accumulated depreciation reducing the carrying value of fixed assets.

Liability Account

An accounting record that represents a company's legal debts or obligations that arise during business operations.