[The Following Information Applies to the Questions Displayed Below

question 31

Multiple Choice

[The following information applies to the questions displayed below.]
The following transactions occurred during March,the first month of operations for Quality Galleries,Inc.:
* Capital stock was issued in exchange for $360,000 cash.
* Purchased $180,000 of equipment by making a $60,000 cash down payment and signing a note payable for the balance.
* Made a $35,000 cash payment on the note payable from the purchase of equipment.
* Sold a piece of equipment for cash of $18,000.The equipment was sold at cost,so there is no gain or loss on the sale.
-What are total assets of Quality Galleries at the end of March?

• A)$283,000
• B)$162,000
• C)$445,000
• D)$480,000

Comprehend the effects of price controls (ceilings and floors) on market equilibrium.

Recognize the outcomes of government intervention in the form of quotas and price controls and their impact on supply and demand.

Analyze the implications of quotas and price ceilings/floors on surplus, shortage, and market inefficiencies.

Illustrate the concept of deadweight loss and its relation to market interventions such as quotas and price controls.

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Definitions:

Birth Process

The series of physiological and mechanical actions through which a fetus is expelled from the uterus and becomes a neonate.

Shortest Duration

Referring to the least amount of time required for completing a task or occurring an event.

Third Stage

Refers to a phase or level in a series of processes or developments, which implies progression or development from two preceding stages.

CenteringPregnancy

A model of prenatal care that combines health assessment, education, and support in a group setting to improve pregnancy outcomes.