Figure 8-7 the Vertical Distance Between Points a and B Represents a Represents

question 45

Multiple Choice

Figure 8-7
The vertical distance between points A and B represents a tax in the market.
-Refer to Figure 8-7.As a result of the tax,buyers effectively pay

• A)$32 for each unit of the good,and sellers effectively receive $24 for each unit of the good.
• B)$32 for each unit of the good,and sellers effectively receive $16 for each unit of the good.
• C)$24 for each unit of the good,and sellers effectively receive $16 for each unit of the good.
• D)$28 for each unit of the good,and sellers effectively receive $20 for each unit of the good.

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Definitions:

Accounts Payable

Liabilities or money owed by a company to its creditors or suppliers for goods and services received but not yet paid for.

General Ledger

A comprehensive record of all financial transactions that occur within a company, organized by account.

Sales Journal

A specialized accounting journal used to record all sales of goods and services on credit.

Sales Revenue

The total amount of money a company receives from its sales of goods or services before any expenses are subtracted.