Which Two Economic Concepts Are Fundamental to the Relevance of Fair

question 17

Multiple Choice

Which two economic concepts are fundamental to the relevance of fair values to accounting? i. The Efficient Markets Hypothesis
ii. Supply and Demand
iii. Economic Rationalism
iv. Marginal Utility

• A) i. & ii.
• B) ii. & iv.
• C) i. & iii.
• D) iii. & iv.

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Definitions:

U.S. Postal Service

A federal agency that provides postal and mail delivery services across the United States and its territories.

Essential Resource

A resource considered vital for the survival of an ecosystem or the well-being of a population.

Patent Rights

Legal protections granted to inventors that give them exclusive rights to make, use, sell, and distribute their inventions for a certain period of time.

Inelastic Demand

A scenario where the product's demand remains largely unaffected despite variations in its price.