According to the Law of Demand

question 98

Multiple Choice

According to the law of demand,

• A)when demand increases,prices go up.
• B)when supply increases,demand increases a corresponding amount.
• C)when supply decreases,demand decreases a corresponding amount.
• D)when price decreases,quantity demanded increases.

Acknowledge the influence of social and organizational factors on ethical behavior.

Understand the role of ethical frameworks in guiding personal and professional behavior.

Recognize rationalizations for unethical behavior and strategies for addressing such rationalizations.

Comprehend the legal frameworks, such as the Sarbanes-Oxley Act, that address ethical misconduct in corporations.

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Definitions:

Factory Overhead Cost

The indirect costs associated with manufacturing, including expenses such as electricity, maintenance, and salaries of supervisors.

Direct Material

Raw materials directly used in the production of goods, which are easily traceable to the finished product.

Total Production Cost

Represents the aggregate cost of goods produced, including direct materials, direct labor, and manufacturing overhead.

Managerial Accounting Report

An internal financial report tailored to meet the information needs of an organization's management for decision-making purposes.