Figure 3-4 -Refer to Figure 3-4.If the Price Is $10

question 8

Multiple Choice

Figure 3-4

-Refer to Figure 3-4.If the price is $10,

• A)there would be a surplus of 600 units.
• B)there would be a shortage of 600 units.
• C)there would be a surplus of 200 units.
• D)there would be a shortage of 200 units.

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Definitions:

Total Purchase Price

The complete cost of acquiring an asset, including the price of the asset plus any additional fees or expenses involved in the purchase.

Square Yards

A unit of area measurement equal to a square measuring one yard on each side, used in the United States for land and flooring measurements.

Including Tax

Means that the price mentioned for goods or services includes any taxes that are applicable.

Gallon

A unit of volume measurement in the US customary units and the British imperial system, usually used for liquids.