This Graph Shows One Consumer's Demand for Ice Cream at the Student

question 100

Multiple Choice

This graph shows one consumer's demand for ice cream at the student union:
During the semester,the student union sells a total of 7,200 scoops of ice cream at a price of $2.00 per scoop.If every student who buys ice cream has the demand curve shown,there must be _________ students purchasing ice cream.

• A)800
• B)1,200
• C)1,500
• D)2,000

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Definitions:

Debts Of Entity

Financial obligations that a company or individual owes to external parties or creditors.

Monetary Unit Assumption

An accounting principle that assumes money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis.

GAAP

Stands for Generally Accepted Accounting Principles; these are a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements.

Corporation

A legal entity owned by shareholders, recognized as a separate entity from its owners, with rights and liabilities distinct from those of its members.