Use the Following to Answer Question(s): Demand and Supply

question 36

Multiple Choice

Use the following to answer question(s) : Demand and Supply

-(Exhibit: Demand and Supply) Given the demand curve, what is the price some buyers are willing and able to pay for 3 units?

• A) $2
• B) $4
• C) $6
• D) $8

---

Definitions:

Weighted-Average Method

An inventory costing method that assigns an average cost to each unit of inventory, calculating it based on the weighted average of the cost of goods available for sale.

Ending Inventory

The cumulative worth of merchandise available for purchase at the conclusion of a financial period.

FIFO Method

"First-In, First-Out", an inventory valuation method where goods first added to inventory are the first ones considered sold.

Ending Inventory

The total value of goods available for sale at the end of an accounting period.