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Figure 311 Alt Text for Figure 3

question 255

Multiple Choice

Figure 3.11 Alt text for Figure 3.11: In figure 3.11, a graph plotting intersecting supply and demand curves illustrates how supply and demand function in competitive markets.
Long description for Figure 3.11: The x-axis is labelled, Quantity, and is marked from 0 to 8 in increments of 2.The y-axis is labelled, Price, and is marked from 0 to 20 dollars in increments of 5.Curve D is a straight line which slopes down from the top left corner to the bottom right corner.Curve S is a straight line which begins in the bottom left corner and slopes up to the top right corner.The equilibrium of the 2 curves is marked at (4,10) .2 points plotted on the demand curve to the left of the equilibrium are (0,20) and (2,15) .2 points plotted on the demand curve to the right of the equilibrium are (6,5) and (8,0) .2 points plotted on the supply curve to the right of the equilibrium are (6,15) and (8,20) .2 points plotted on the supply curve to the left of the equilibrium are (2,5) and (0,0) .
-Refer to Figure 3.11.At a price of $5,

Definitions:

Retained Earnings Account

An equity account that represents the accumulated portion of net income that a company has decided to retain, rather than distribute among shareholders in the form of dividends.

Stock Dividend

A payment made in the form of additional shares rather than cash, distributed to shareholders from the company's existing stock.

Cash Dividends Payable

A liability account on a company’s balance sheet representing the amount of dividends declared by the board of directors but not yet paid out to shareholders.

General Journal Entry

A basic accounting record used to log all business transactions and events in the accounting system.