A Consumer Is Willing to Purchase a Product Up to the Point

question 171

Multiple Choice

A consumer is willing to purchase a product up to the point where

• A)he spends all of his income.
• B)the marginal benefit is equal to the price of the product.
• C)the quantity demanded is equal to the quantity supplied.
• D)he is indifferent between consuming and saving.

---

Definitions:

Transposition

An error in which the order of the digits is changed, such as writing $542 as $452 or $524.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to check for errors in the double-entry system.

Journal Entries

The record of financial transactions in an accounting system, used to transfer information to the ledger, showing detailed information regarding date, accounts affected, and amounts.

Posted Correctly

The action of accurately recording transactions in the appropriate accounts in an accounting system.