Table 56 -Refer to Table 5

question 160

Multiple Choice

Table 5.6
$$\begin{array} { | c | c | } \hline \text { Quantity Supplied } & \text { Frice } \\\hline 10 & \$ 10 \\\hline 20 & \$ 20 \\\hline 30 & \$ 30 \\\hline 40 & \$ 40 \\\hline 50 & \$ 50 \\\hline\end{array}$$
-Refer to Table 5.6.If price decreases from $50 to $30,the price elasticity of supply is:

• A)10
• B)5
• C)1
• D)2
• E)0.5

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Definitions:

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board (IASB) for global use in financial reporting.

ASPE

The Accounting Standards for Private Enterprises (ASPE) is a set of accounting standards for private companies in Canada, providing guidelines on financial reporting practices.

Accrual Basis

An accounting method where revenues are recorded when earned, and expenses are recorded when incurred, regardless of when cash is exchanged.

Net Income

The net income of a business once all costs and taxes are subtracted from its total earnings.