The Least-Cost Rule Requires That, for Every Factor, the Ratio

question 73

Multiple Choice

The least-cost rule requires that, for every factor, the ratio of the

• A)marginal physical product to factor price must be equal.
• B)marginal revenue product to factor price must be equal.
• C)marginal revenue product to output must be equal.
• D)marginal cost to factor price must be equal.
• E)b and c

Distinguish between isotopes based on their mass numbers and neutron counts.

Explain the concept of atomic mass and its representation.

Comprehend the principles underlying the arrangement of electrons in an atom.

Understand the defining characteristics and synapomorphies of chordates.

---

Definitions:

Unit Product Cost

The total cost to produce one unit of product, including materials, labor, and overhead.

Predetermined Overhead Rate

A rate used to apply manufacturing overhead to products or job orders, calculated prior to the start of the accounting period based on estimated costs and activity levels.

Job-Order Costing

An accounting method used to assign costs to specific batches or orders of goods, often used in manufacturing for custom products.

Total Job Cost

The cumulative costs of materials, labor, and overhead assigned to a specific job or project.