The Supply Curve for Stand Up Paddle Boards

question 59

Multiple Choice

The supply curve for stand up paddle boards

• A)shifts when the price of stand up paddle boards changes because the price of stand up paddle boards is measured on the vertical axis of the graph.
• B)shifts when the price of stand up paddle boards changes because the quantity supplied of stand up paddle boards is measured on the horizontal axis of the graph.
• C)does not shift when the price of stand up paddle boards changes because the price of stand up paddle boards is measured on the vertical axis of the graph.
• D)does not shift when the price of stand up paddle boards changes because the price of stand up paddle boards is measured on the horizontal axis of the graph.

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Definitions:

LIFO

Last-In, First-Out (LIFO) is an inventory valuation method whereby the most recently produced or acquired items are sold, used, or disposed of first.

Cost Flow Assumptions

Methods used to assign costs to inventory and goods sold, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).

Unit Cost

The cost incurred to produce, acquire or handle one unit of a product or service.

Appropriate Code

A specific numerical or alphanumeric identifier used to classify and organize data, transactions, or items according to established criteria.