An Inventory Record Indicates That 12 Items of a Specific

question 140

Multiple Choice

An inventory record indicates that 12 items of a specific product are on hand.A customer purchased two of the items,but when recording the order,the data entry clerk mistakenly entered 20 items sold.Which check could detect this error?

• A)numeric/alphabetic data checks
• B)limit check
• C)range check
• D)reasonableness check

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Definitions:

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance and no excess supply or demand.

Equilibrium Quantity

The quantity of goods or services supplied equals the quantity demanded at the market equilibrium price.

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the amount of it that producers are willing and able to supply at various prices.