A Market for a Product Reaches Equilibrium When

question 77

Multiple Choice

A market for a product reaches equilibrium when:

• A) The actual quantity bought by buyers equals actual quantity sold by sellers
• B) The price rises further after there is a surplus
• C) Buyers intend to buy a quantity equal to the quantity that sellers intend to sell
• D) Price falls further after there is a shortage

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Definitions:

Adjustment Columns

In accounting, adjustment columns in a worksheet are used to record adjustments for accrued, deferred, and estimated items before preparing final financial statements.

Income Statement Columns

Columns in an income statement that categorize financial information such as revenues, expenses, and net income to convey a company's financial performance over a specific period.

Balance Sheet Columns

Columns in a balance sheet that categorize and display assets, liabilities, and equity balances at a specific point in time.

Net Income

The net income a business earns following the deduction of all costs, taxes, and expenses from its total revenue.