If Martson and Co

question 48

Multiple Choice

If Martson and Co. make the following journal entries, they are using the ________ inventory system.

• A) periodic
• B) perpetual
• C) FIFO
• D) LIFO

---

Definitions:

Demand Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity demanded by consumers.

Public Goods

Goods that are non-excludable and non-rivalrous, which means that one person's use of the good does not reduce its availability to others, and no one can be effectively excluded from using the good.

Private Philanthropy

Financial contributions or aid given by individuals or private organizations to support various causes and non-profit organizations.

Free-rider Problem

A situation where individuals benefit from resources, goods, or services without paying for them, leading to underprovision of those public goods.