Use the Following to Answer Questions

question 33

Multiple Choice

Use the following to answer questions :
Figure: Harold's Indifference Curves
The figure shows three of Harold's indifference curves for bread and cheese.
-(Figure: Harold's Indifference Curves) Use Figure Harold's Indifference Curves.The price of cheese is $2 per kilogram and Harold has $10 to spend on bread and cheese.As the price of bread rises from $1 to $2 per loaf,his consumption of bread:

• A) increases from 2 to 3 loaves.
• B) decreases from 3 to 2 loaves.
• C) increases from 3 to 4 loaves.
• D) decreases from 4 to 3 loaves.

Understand and calculate the ending capital balance after considering all relevant transactions.

Identify and classify accounts as temporary or permanent.

Understand the process of closing accounts including the effects on the capital account.

Determine the effects of closing entries on net income, net loss, and individual account balances.

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