Table 5.1 -Refer to Table 5.1.The Table Above Lists the Highest Prices

question 5

Multiple Choice

Table 5.1
-Refer to Table 5.1.The table above lists the highest prices three consumers, Tom, Dick and Harriet, are willing to pay for a short-sleeved polo shirt.If the price of the shirts falls from $28 to $20,

• A)consumer surplus increases from $14 to $35.
• B)Tom will buy two shirts; Dick and Harriet will each buy one shirt.
• C)consumer surplus will increase from $70 to $95.
• D)Harriet will receive more consumer surplus than Tom or Dick.

Recognize the benefits of offering sales discounts to accelerate cash receipts.

Identify different types of operational expenses and their importance in company operations.

Understand the rights and responsibilities of buyers and sellers under different shipping terms.

Recognize the role and treatment of returned merchandise in sales and accounting systems.

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Definitions:

African Heritage

The customs, traditions, and cultural influences tracing back to the African continent, preserved among people of African descent worldwide.

Folklore

The traditional beliefs, customs, stories, songs, and practices of a culture, passed through generations by word of mouth.

Religious Life

The aspect of an individual's or community's existence that pertains to their beliefs, practices, and organizational involvement in religion or spirituality.

Slave Family

A familial unit formed by enslaved people, often facing challenges in maintaining stable relationships due to the conditions of slavery, such as separations and sales.