Executive, Inc

question 156

Multiple Choice

Executive, Inc.has a weekly payroll of $10,000 for a 5-day workweek, Monday through Friday.If December 31, the last day of the accounting year, falls on Thursday, Executive would make an adjusting entry that would

• A) increase Wages Expense $8,000.
• B) decrease Wages Payable $2,000.
• C) decrease Cash $8,000.
• D) increase Wages Payable $2,000.

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Definitions:

Efficiency

The optimal allocation of resources in a way that maximizes productivity or utility.

Price Discrimination

Price discrimination involves a seller charging different prices for the same product or service to different customers, based on factors like demand, customer attributes, or purchase volume.

Monopolistic Competition

Monopolistic competition describes a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and price setting.

Perfect Competition

A market structure characterized by many buyers and sellers, identical products, and free entry and exit, leading to efficient outcomes.