If a Perfectly Competitive Firm in the Short Run Is

question 16

Multiple Choice

If a perfectly competitive firm in the short run is able to pay its variable costs and all of its fixed costs and more,then it is operating in the range on its marginal cost curve that is

• A)above the break-even point.
• B)below the break-even point.
• C)above the shutdown point.
• D)below the shutdown point.
• E)between the shutdown and break-even points.

Distinguish between accumulating and non-accumulating leave entitlements under AASB 119.

Understand the origin of actuarial gains or losses in defined benefit plans.

Describe characteristics of defined contribution plans and employer obligations.

Compute liabilities and recognize obligations related to employee service.

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Definitions:

Flexible Work Hour Plans

Are plans in which employees usually must still work 40 hours per week and typically 5 days a week but in which they have control over the starting and ending times for work on each day.

Piece-rate Incentive Plan

A compensation system where employees are paid based on the amount of output they produce.

Merit-pay Plan

A compensation strategy that determines an employee's pay based on their performance, rewarding higher achievers with greater pay increases.

Behavior-modification Plan

A strategy used to alter an individual's behaviors through reinforcements and punishments.