The Equilibrium Price and Quantity in Figure 3

question 55

Multiple Choice

The equilibrium price and quantity in Figure 3.2 are, respectively,Figure 3.2 Supply and Demand

• A) $9 and 30 units.
• B) $6 and 20 units.
• C) $12 and 20 units.
• D) $12 and 40 units.

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Definitions:

Permanent Account

An account that is not closed at the end of the accounting period and its balances are carried forward into the next period.

Temporary Account

An account used in accounting that is closed at the end of each accounting period, transferring its balance to a permanent account.

Cash Sales

Transactions where payment for goods or services is made at the time of sale in cash or equivalent forms.

Credit Sales

Sales made by a business where payment is delayed, allowing the customer to purchase goods or services on account.