If, for Any Given Amount of a Good or Service

question 55

Multiple Choice

If, for any given amount of a good or service, willingness to pay increases, then:

• A) supply has increased.
• B) supply has decreased.
• C) demand has increased.
• D) demand has decreased.

---

Definitions:

Unearned Fees

Income received for services that have not yet been performed, similar to unearned revenue but specifically related to service fees.

Fees Earned

Revenue recognized from providing services, as opposed to selling goods.

Adjusting Entry

An accounting record update that adjusts account balances at the conclusion of an accounting period.

Unearned Tuition

Income received by an educational institution for tuition that is yet to be earned by providing educational services.