A Responsibility Center in Which the Department Manager Has Responsibility

question 88

True/False

A responsibility center in which the department manager has responsibility for and authority over costs, revenues, and assets invested in the department is termed a cost center.

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Definitions:

World Demand

The total demand for goods and services from all countries around the globe.

World Supply

The total amount of a particular good or service that is available to consumers globally.

World Price

The global market price of a commodity, determined by supply and demand factors across all participating countries.

Market Equilibrium

A situation in economics where the quantity of goods supplied is equal to the quantity of goods demanded at a specific price.