In the Long Run,the Entry of New Firms into a Competitive

question 187

Multiple Choice

In the long run,the entry of new firms into a competitive market is typically caused by

• A)government regulation
• B)technological innovation
• C)inflation
• D)economic losses
• E)economic profit

Differentiate between traditional costing and activity-based costing systems.

Understand the weighted-average method in process costing.

Calculate equivalent units of production for both materials and conversion costs.

Determine the cost per equivalent unit for materials and conversion costs.

---

Definitions:

Makespan

The total time required to complete a group of jobs on a production schedule, from start to finish.

FCFS

First Come, First Served, a principle or method used in various contexts where services or resources are provided to the first requestor in the order they are received.

EDD

Expected due date, commonly used in project management and logistics to plan and prioritize tasks based on their deadlines.

SPT

Shortest Processing Time; a priority rule used in scheduling to sequence jobs by ascending order of their processing times.