Figure 4-11 -Refer to Figure 4-11.If These Are the Only Two Sellers

question 469

Multiple Choice

Figure 4-11

-Refer to Figure 4-11.If these are the only two sellers in the market,then the market quantity supplied at a price of $4 is

• A) 6 units.
• B) 7 units.
• C) 8 units.
• D) 14 units.

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Definitions:

Two-Column Journal

A form of journal in which there are only two amount columns, one for debits and one for credits.

Unadjusted Trial Balance

A listing of all the accounts in the general ledger with their balances before any adjustments are made.

Net Income

The net income of a business following the deduction of all costs and tax obligations from its total revenue.

Unadjusted Trial Balance

A listing of all the accounts and their balances from a company's general ledger before any adjusting entries are made for accounting purposes.