Refer to the Above Table

question 86

Multiple Choice

Refer to the above table.If demand is represented by columns (3) and (1) and supply is represented by columns (3) and (4) ,equilibrium price and quantity will be:

• A) $10 and 60 units.
• B) $9 and 60 units.
• C) $8 and 80 units.
• D) $7 and 30 units.

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Definitions:

Accounts Payable

Accounts payable are liabilities or money owed by a company to its creditors for goods and services received.

Uniform Partnership Act

Laws enacted in most states that govern how a partnership is formed, operated, and liquidated.

John Partner's, Capital

Represents the account on a balance sheet indicating the value of an owner's (John Partner, in this case) interest in the business.

Cash

A form of currency that includes coins and currency notes, used as a medium of exchange.