In a Graph with Output on the Horizontal Axis and Total

question 116

Multiple Choice

In a graph with output on the horizontal axis and total revenue on the vertical axis, the shape of the total revenue curve for a perfectly competitive seller is

• A)U-shaped
• B)inverted U-shaped
• C)a horizontal line
• D)a ray from the origin

---

Definitions:

Debit Memorandum

A document issued by a buyer to a seller indicating a reduction in the amount owed, typically due to returned goods or an overcharge.

Credit Memorandum

A document issued by a seller to a buyer, reducing the amount the buyer owes the seller under the terms of an earlier invoice.

Segregation Of Duties

An internal control measure that divides responsibilities among multiple employees to reduce risk of fraud or error.

Adjusted Cash Balance

The cash balance reported in the financial statements, adjusted for any outstanding checks and deposits in transit that have not yet been cleared or recorded by the bank.