If the Price of Petrol Decreases, What Will Be the Impact

question 181

Multiple Choice

If the price of petrol decreases, what will be the impact in the market for public transportation?

• A)The demand curve for public transportation shifts to the right.
• B)The quantity of public transportation demanded increases.
• C)The demand curve for public transportation shifts to the left.
• D)The quantity of public transportation demanded decreases.

---

Definitions:

Net Income

Profit calculated as the difference between total revenues and total expenses, indicating the financial performance of a company over a period.

General Ledger

A complete record of all financial transactions over the life of a company, used to compile the financial statements.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments are made for accruals, deferrals, and other adjustments.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts in preparation for the next accounting period.