In Markets,prices Move Toward Equilibrium Because of

question 132

Multiple Choice

In markets,prices move toward equilibrium because of

• A)the actions of buyers and sellers.
• B)government regulations placed on market participants.
• C)increased competition among sellers.
• D)buyers' ability to affect market outcomes.

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Definitions:

First-In, First-Out

A different articulation denoting an inventory management system where goods first added to inventory are the first to be sold.

Work In Process

Inventory that includes the materials, labor, and overhead that are in the process of being transformed into finished goods.

Process Cost System

A cost allocation system aimed at similar goods mass-manufactured continuously.

Work In Process Inventory

Inventory that includes all partially completed goods that are still in the production process.