If, in Response to an Increase in the Price of Chocolate

question 218

Multiple Choice

If, in response to an increase in the price of chocolate the quantity of chocolate demanded decreases, economists would describe this as

• A)a decrease in demand.
• B)a decrease in quantity demanded.
• C)a change in consumer income.
• D)a decrease in consumers' taste for chocolate.

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Definitions:

General Journal

A primary accounting record used to record all types of transactions before they are posted to the specific accounts in the ledger.

General Ledger

The main accounting record of a business that uses double-entry bookkeeping, which contains all the financial accounts and transactions of the company.

Subsidiary Ledgers

Detailed records that contain information about specific accounts, such as accounts receivable or payable, that support the summarized data in the general ledger.

Sales Invoice

A paper provided by the seller to the buyer that outlines the goods or services offered, the total due, and the conditions of payment.