A Supply Curve Shows the Relation Between the Quantity of a Good

question 192

Multiple Choice

A supply curve shows the relation between the quantity of a good supplied and

• A) the price of the good. Usually a supply curve has positive slope.
• B) income. Usually a supply curve has negative slope.
• C) the price of the good. Usually a supply curve has negative slope.
• D) income. Usually a supply curve has positive slope.

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Definitions:

Machine Hours

Machine Hours represent a measure of the amount of time a machine is operated, used in costing, and operational efficiency analysis.

Over/Underapplied Overhead

The difference between the actual overhead costs incurred and the overhead costs allocated to production, indicating whether the allocated amount was too high or too low.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including material and labor expenses.

Net Income

Net income, or net profit, is the total earnings of a company after subtracting all expenses, taxes, and costs from total revenue.