If the Demand for Bathing Suits and Supply of Bathing

question 241

Multiple Choice

If the demand for bathing suits and supply of bathing suits both decrease, then definitely the equilibrium

• A) price will decrease.
• B) price will increase.
• C) quantity will increase.
• D) quantity will decrease.

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Definitions:

Percentage-of-Completion Method

An accounting method used to recognize revenue and expenses of long-term contracts in proportion to the work completed.

Estimated Revenues

Projections of the amount of money a business expects to receive from its activities or sales within a specific period.

Cost-to-Cost Method

A method used in accounting for long-term contracts where revenue is recognized based on the percentage of project completion, estimated by comparing the costs incurred to the total expected costs.

Construction Contracts

Agreements between parties for executing construction projects, detailing scope, budget, and timeline.