Figure 4-B -Refer to Figure 4-B.The Graph Portrays the Market for Gasoline

question 83

Multiple Choice

Figure 4-B
-Refer to Figure 4-B.The graph portrays the market for gasoline for which a ____ has been imposed, and, as a result, a ____ of gasoline occurs.

• A)price floor; surplus
• B)price ceiling; shortage
• C)price ceiling; surplus
• D)price floor; shortage

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Definitions:

Factoring Fee

The cost charged by a third party to a business for providing factoring services—financing based on the business's receivables.

Accounts Receivable

Funds that customers owe to a company for products or services that have been provided but not yet compensated for.

Journal Entry

A record in accounting that logs a transaction and its impact on account balances in debit and credit terms.

Accounts Receivable Turnover

A financial ratio that measures how efficiently a company collects cash from its credit sales by dividing net credit sales by the average accounts receivable.