In General,if a Good or Service Has Zero Marginal Cost

question 19

Multiple Choice

In general,if a good or service has zero marginal cost but has a positive price,the social outcome

• A) maximizes total economic surplus.
• B) is uncertain;it may or may not maximize total economic surplus.
• C) is that too much will be consumed.
• D) does not maximize total economics surplus.
• E) is that too much will be provided.

Realize the importance of the retail inventory method and its requirements.

Understand the basics of the perpetual and periodic inventory systems, including their journal entries.

Calculate inventory balances using different costing methods such as LIFO, FIFO, and average cost under both perpetual and periodic systems.

Identify the appropriate inventory costing method for various types of businesses.

---

Definitions:

Class Exception

In programming, it refers to a template for creating objects designed to handle errors and other exceptional situations uniquely.

Constructors

Special methods in a class that are called when a new object instance is created, used to initialize the object.

StringIndexOutOfBoundsException

An exception in Java that is thrown to indicate that an index is either negative or greater than the size of the string.

ParseInt

A method in Java that converts a string into an integer value, throwing an exception if the string cannot be converted.