​ ​-Refer to Exhibit 3-2.Suppose Equilibrium Is at Point B.Something Then

question 51

Multiple Choice

​
​
-Refer to Exhibit 3-2.Suppose equilibrium is at point B.Something then changes and equilibrium becomes point C.Which of the following is consistent with the change in equilibrium from point B to C (assuming that good X is a normal good) ?

• A) There was an increase in resource prices and income stayed constant.
• B) There was a decrease in resource prices and income stayed constant.
• C) There was an increase in resource prices and income decreased.
• D) There was an increase in resource prices and income increased.

Recognize that depreciation estimates can be revised and understand the impact of such revisions.

Understand the variability and applicability of different depreciation methods across various assets.

Know the definition and treatment of residual value in the context of depreciation.

Understand the accounting treatment for the disposal, sale, exchange, and discarding of fixed assets.

---

Definitions:

Elaboration

The process of adding more detail to existing information, often enhancing learning and memory.

Definitions

The meanings, descriptions, or explanations of words or concepts.

Real-world

relating to or involving practical, everyday life situations outside of a controlled experimental or theoretical context.

Material

Physical substances from which objects can be made or concerning the physical rather than the spiritual or intellectual aspects.