What Is Sometimes Called the "Long-Run Aggregate Supply Curve" Shows

question 124

Multiple Choice

What is sometimes called the "long-run aggregate supply curve" shows the relationship between the price level and aggregate supply over a time period long enough to permit

• A)changes in the capital stock.
• B)wages and other factor prices to adjust.
• C)changes in technology to occur.
• D)changes in the size of the resource base to occur.
• E)population to increase.

Understand the relationship between direct materials cost, manufacturing overhead, and the cost of goods manufactured and sold.

Understand and calculate the direct materials cost on the Schedule of Cost of Goods Manufactured.

Determine and analyze manufacturing overhead, including underapplied and overapplied amounts.

Calculate and adjust the cost of goods sold as reflected on the Schedule of Cost of Goods Sold.