Cost-Saving Developments,e

question 59

Multiple Choice

Cost-saving developments,e.g. ,a new production procedure that saves two steps,introduced by a price-taking firm in a competitive market lead to

• A) entry by new firms.
• B) positive economic profit for new firms.
• C) positive economic profit for a few firms for a short time.
• D) higher consumer prices in the long run.
• E) a leftward shift of the supply curve.

Learn about the role of myelination in child development.

Understand the factors influencing handedness and artistic development in early childhood.

Understand the basic principles and objectives of tort law.

Distinguish between intentional torts, negligence, and strict liability.

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Definitions:

Periodic Inventory System

An inventory accounting method where inventory levels and cost of goods sold are calculated at set intervals, such as monthly or yearly.

Closing Entries

The journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones, preparing the books for the next period.

Retained Earnings

Profits that a company keeps to use within the business after dividends have been paid out to shareholders.

Fiscal Year

A one-year period used for financial reporting and budgeting, which may or may not align with the calendar year.