Who Wrote, "People of the Same Trade Seldom Meet Together

question 98

Multiple Choice

Who wrote, "People of the same trade seldom meet together, but the conversation ends in a conspiracy against the public, or in some diversion to raise prices."?

• A)Thomas Jefferson
• B)Adam Smith
• C)Bill Gates
• D)Robert Axelrod

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Definitions:

Inventories

The complete list of items such as merchandise, raw materials, and finished goods that a company holds for sale or production.

Variable Costing

An accounting method that includes only variable production costs (direct materials, direct labor, and variable manufacturing overhead) in the cost of goods sold and treats fixed manufacturing overhead as a period cost.

Year 1

Often refers to the first year of a business or financial operation, used as a baseline for comparing future performance or growth.

Fixed Manufacturing Overhead

The portion of manufacturing overhead costs that remain constant regardless of the level of production, such as property taxes on factory buildings or salaries of production supervisors.