Which of the Products Described Below Is Mostly Likely Considered

question 60

Multiple Choice

Which of the products described below is mostly likely considered an inferior good?

• A)At lower prices people consume higher quantities of shredded wheat.
• B)As incomes increase canned meat product consumption falls.
• C)The higher the price of jeans the higher the demand for jeans.
• D)The lower the price of jeans the more the demand for shirts.

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Definitions:

Cash Register

A device, either mechanical or electronic, designed to record and compute transactions where sales occur.

Internal Control

Systems and processes implemented by a company to ensure the reliability of financial reporting, compliance with laws and regulations, and efficiency of operations.

Elements

In accounting, elements refer to the basic categories of financial data that are classified in the financial statements, such as assets, liabilities, equity, revenue, and expenses.

Cash Receipts

Money received by a business or organization, including payments from customers, refunds, and interest earned.