When There Is a Surplus of Snowboards,the

question 289

Multiple Choice

When there is a surplus of snowboards,the

• A) demand for snowboards is greater than the supply of snowboards.
• B) supply of snowboards is greater than the demand for snowboards.
• C) quantity of snowboards demanded is greater than the quantity of snowboards supplied.
• D) quantity of snowboards supplied is greater than the quantity of snowboards demanded.
• E) price rises to restore the equilibrium.

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Definitions:

Adjusting Entry

A journal entry made at the end of an accounting period to update account balances before preparing financial statements, ensuring they reflect the true financial position.

Financial Statements

Financial reports that summarize the effects of events on a business.

Interest Note

A financial instrument that serves as a formal promise to pay interest in addition to the principal amount borrowed.

Small Companies

Businesses with a relatively small market share or workforce, often defined by specific criteria such as revenue, assets, or number of employees.