The Difference Between a Change in Quantity Supplied and a Change

question 92

Multiple Choice

The difference between a change in quantity supplied and a change in supply is that a change in:

• A)​quantity supplied is caused by a change in a good's own, current price, while a change in supply is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes.
• B)​supply is caused by a change in a good's own, current price, while a change in the quantity supplied is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes.
• C)​quantity supplied is a change in the amount people want to sell, while a change in supply is a change in the amount they actually sell.
• D)​supply and a change in the quantity supplied are the same thing.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones, thereby preparing the company's books for the next accounting period.

Adjusted Balances

Financial statement figures corrected for errors, omissions, or other adjustments as part of the reconciliation process.

Closing Entries

Entries recorded at the close of an accounting cycle to move balances from temporary to permanent accounts, thus preparing the temporary accounts for the upcoming period.

Ledger

A comprehensive collection of a company's accounts in which transactions are recorded and balanced.