In the Long Run, Fixed Costs Are

question 56

Multiple Choice

In the long run, fixed costs are

• A) zero and variable costs are zero.
• B) zero and variable costs are positive.
• C) positive and variable costs are zero.
• D) positive and variable costs are positive.

Recognize how manufacturing costs are assigned and accounted for in a process cost system.

Understand how overhead costs are allocated in process costing.

Distinguish between various cost systems and their appropriate application environment.

Identify the flow and management of costs in manufacturing operations.

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Definitions:

Evolution

The process by which different kinds of living organisms are thought to have developed and diversified from earlier forms during the history of the earth.

Nervous Systems

The network of nerve cells and fibers transmitting signals between different parts of the body, comprising the central and peripheral nervous systems.

Brain Fold

The creases and wrinkles on the surface of the brain which increase its surface area, allowing for greater cognitive capacity and function.

Primates

A mammalian order that includes humans, monkeys, and apes, characterized by large brains, forward-facing eyes, and opposable thumbs.