Figure 4-3 -Refer to Figure 4-3. If the Price in This Market

question 77

Multiple Choice

Figure 4-3
-Refer to Figure 4-3. If the price in this market is currently $14, what would happen?

• A)There would be a shortage of 20 units and the price would tend to rise.
• B)There would be a surplus of 20 units and the price would tend to fall.
• C)There would be a shortage of 40 units and the price would tend to rise.
• D)There would be a surplus of 40 units and the price would tend to fall.

---

Definitions:

Service Revenue Budget

It outlines the expected revenue from services provided over a specific period, forming part of a company's overall budgeting process.

Sales Budget

A financial projection that estimates future sales, usually in terms of both volume and revenue.

Operating Expenses

Costs associated with the day-to-day activities of a business, excluding the cost of goods sold, such as rent, utilities, and salaries.

Budgeted Purchases

The estimated amount of goods or inventory a business plans to buy during a specific period.