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

question 68

Multiple Choice

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

-(Exhibit: Demand and Supply of Wheat) What are the equilibrium price and quantity in this wheat market?

• A) $6 and 6,000 bushels
• B) $4 and 2,000 bushels
• C) $4 and 10,000 bushels
• D) $8 and 12,000 bushels

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Definitions:

Withdrawals

Amounts of money taken out from a business by its owner(s) for personal use.

Provision

An amount set aside in the accounts of a company to cover a future liability or decrease in the value of an asset.

Accounts Receivable

Liabilities of customers to a firm for provisions or merchandise that have been delivered but payment is outstanding.

Capital Balance

The amount recorded in a shareholder's or partner's equity account, reflecting their investment in the business.