Refer to the Table Below

question 5

Multiple Choice

Refer to the table below. If the price of this good is $2.00, there would be a _________ of _________ units.

• A) shortage; 20
• B) surplus; 50
• C) shortage; 30
• D) surplus; 30
• E) surplus; 20

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Definitions:

Skeins

Lengths or coils of yarn or thread as they are sold or produced, often used in textiles and knitting.

Spending Variance

This is the difference between the actual amount spent on a budget item and its planned or budgeted amount.

Wages And Salaries

Compensation paid to employees for their work or services.

Planning Budget

A financial plan that estimates the revenue and expenses for a specific period in the future.