A Product Market Is in Equilibrium

question 106

Multiple Choice

A product market is in equilibrium:

• A)when there is a surplus of the product.
• B)when there is a shortage of the product.
• C)when consumers want to buy more of the product than producers offer for sale.
• D)where the demand and supply curves intersect.

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Definitions:

Process Cost Systems

A method of accounting used in manufacturing where costs are assigned to products, usually in continuous, repetitive operations.

Process Cost Accounting

A method of accounting that accumulates production costs for each process or department within a manufacturing facility.

Mass-Produced

Items that are manufactured in large quantities using efficient production techniques and often assembly lines to lower costs.

Custom Made

Products or goods specifically designed and produced to meet the unique requirements of an individual customer.