Economists Assume That the Cost of ________ Is Fixed in the Short

question 127

Multiple Choice

Economists assume that the cost of ________ is fixed in the short run.

• A) labor
• B) capital
• C) raw materials
• D) legal expenses
• E) repairs

Understand various sampling methods and their applications.

Identify systematic sampling and its characteristics.

Identify stratified random sampling and its application.

Recognize cluster sampling and its uses.

---

Definitions:

Real Estate Sale

A financial transaction in which the ownership of property or buildings is transferred from one party to another, often involving negotiation and legal processes.

Revenue Recognition

This is an accounting principle that outlines the specific conditions under which revenue is recognized and determines how it is reported on the financial statements.

Completed Contract

An accounting method that recognizes revenue and expenses only when a contract is completed, not progressively over the life of the project.

Installment Method

An accounting method that recognizes revenue and expenses only when payments are actually received or made, typically used in sales with extended payment plans.