Use the Following to Answer Question

question 44

Multiple Choice

Use the following to answer question:
-(Figure: Consumer Surplus II) Look at the figure Consumer Surplus II.If the price of the good is $2,consumer surplus will equal:

• A)$30.
• B)$45.
• C)$60.
• D)$90.

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Definitions:

Modified Cash Basis

An accounting method that combines elements of both accrual and cash basis accounting, recording some transactions on an accrual basis and others on a cash basis.

Modified Cash Basis

It is an accounting method that combines elements of the cash basis and accrual basis, recording income when received but expenses when incurred.

Research and Development

This is a set of activities intended to improve existing products or services or to create new ones, often involving scientific or technological innovation.