Please refer to the worksheet below. Adjusting entries have been posted. Calculate the adjusted balances for all accounts and enter them in to the columns for Adjusted Trial Balance.
Definitions:
Consumer Surplus
The gap between the sum consumers are ready and able to spend on a good or service and what they really pay for it.
Normal Goods
Goods for which demand increases as consumer income rises.
Decrease in Income
A reduction in the amount of money received by an individual or entity, typically measured over a particular period of time.
Market Quantity Supplied
The total amount of a specific good or service that is available to consumers in a market at a given price and time.
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