-Refer to the Above Figure

question 200

Multiple Choice

-Refer to the above figure. If the government imposes a price floor of $60

• A) the quantity of goods that will be traded is 100.
• B) the quantity of goods that will be traded is 200.
• C) the quantity of goods that will be traded is 150.
• D) the quantity of goods that will be traded is 0.

---

Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specified period, resulting in net profit or loss.

Debit Entries

Accounting entries that increase an asset or expense account, or decrease a liability or equity account.

Credit Entries

Bookkeeping records that increase liabilities or equity or decrease assets on a company's balance sheet.

Liability Account

A financial accounting account that represents obligations to pay debts or amounts owed to others.