Luther Corporation's Total Sales for 2009 Were $610

question 92

Multiple Choice

Luther Corporation's total sales for 2009 were $610.1,and gross profit was $109.0.Accounts payable days for 2009 is closest to:

• A)27.5
• B)5.71
• C)52.4
• D)63.8

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Definitions:

Normal Goods

For normal goods, demand increases as income increases.

Demand for Cars

Demand for cars refers to the consumer desire to purchase automobiles, driven by factors such as price, income levels, preferences, and external economic conditions.

Fall in Income

A decrease in the amount of money received, typically referring to personal income or national income.

Negative Income Elasticity

A situation where demand for a good decreases as consumer income rises, often associated with inferior goods.