Which of the Following Is Not Considered a Secondary Authority

question 55

Multiple Choice

Which of the following is not considered a secondary authority?

• A) Text book.
• B) Private Letter Ruling.
• C) Tax article.
• D) Tax service.
• E) None of the above.

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Definitions:

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where demand and supply are balanced.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a market balance.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices.

Supply

Supply represents the quantity of goods or services that market participants are willing and able to provide at various price levels, over a specific period of time.