Table 43 -The Table Given Above Shows the Quantity Supplied and the |

question 115

Multiple Choice

Table 4.3
$$\begin{array} { | c | c | c | } \hline \text { Price (\$) } & \text { Quantity demanded } & \text { Quantity supplied } \\\hline 1.0 & 100 & 10 \\\hline 1.20 & 90 & 30 \\\hline 1.40 & 80 & 50 \\\hline 1.50 & 70 & 70 \\\hline 1.60 & 60 & 90 \\\hline\end{array}$$
-The table given above shows the quantity supplied and the quantity demanded of a good at different prices.If the price of the good described in the table given above is $1.60,then there is a _____ Table 4.3
?

• A)shortage of 30 units.
• B)surplus of 30 units.
• C)shortage of 20 units.
• D)surplus of 20 units.
• E)surplus of 10 units.

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Definitions:

Balance Sheet

A financial statement that provides a snapshot of a company's financial position, listing assets, liabilities, and shareholders' equity at a specific point in time.

Advertising Campaign

A series of advertisement messages in various media that share a single idea and theme aimed at promoting a product, service, or cause.

Journal Entries

Financial transaction records written or typed into the journal, detailing the accounts affected and in what way.

Adjusting Entries

Entries made in the accounting journals to adjust income and expense accounts so that they comply with the accrual concept of accounting.