In a Joint Costing Process,which of the Following Would Not

question 72

Multiple Choice

In a joint costing process,which of the following would not be considered a sunk cost?

• A)direct material cost
• B)direct labor cost
• C)joint cost
• D)costs incurred to further refine a product created by the process

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Definitions:

More Elastic

Referring to a greater sensitivity of quantity demanded or supplied to changes in price, compared to goods or services with less elasticity.

Demand Elasticity

A measure of how much the demand for a product or service changes in response to changes in its price or other factors.

Elasticity of Demand

The measure of how much the quantity demanded of a good responds to a change in the price of that good.

Perfectly Inelastic

A market situation where the quantity demanded or supplied does not change in response to a change in price.