-Refer to the Above Table for Tablets

question 33

Multiple Choice

-Refer to the above table for tablets. Suppose the demand for smartphones rises because more people use the Internet with a tablet. The new equilibrium price will be

• A) $200.
• B) $275.
• C) more than $275.
• D) impossible to be determined given the information.

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Definitions:

Petty Cash Fund

A small amount of cash kept on hand for making immediate payments for minor expenses.

Cash Over and Short

An account that records the discrepancies between the actual cash received and the expected amount.

Petty Cash Fund

A small amount of cash on hand used for paying expenses too small to merit writing a check.

Petty Cash

A small amount of cash kept on hand used for paying small expenses without writing a check or using a credit card.