Figure 7-3 -Refer to Figure 7-3.When the Price Rises from P1 to from P1

question 75

Multiple Choice

Figure 7-3
-Refer to Figure 7-3.When the price rises from P1 to P2,which of the following statements is not true?

• A)The buyers who still buy the good are worse off because they now pay more.
• B)Some buyers leave the market because they are not willing to buy the good at the higher price.
• C)Buyers place a higher value on the good after the price increase.
• D)Consumer surplus in the market falls.

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Definitions:

Accounts Receivable-Digitec

The money owed to Digitec by its customers for goods or services that have been delivered or used but not yet paid for.

Invoice No.

A unique identifier for an invoice document that facilitates tracking of sales and payments.

Fiscal Period

A specific duration of time used for accounting purposes, such as a month, quarter, or year, over which financial records are kept.

Accounts Payable

Liabilities owed by a business to its suppliers or vendors for goods and services purchased on credit.