One Important Difference Between the Political Process and the Market

question 97

Multiple Choice

One important difference between the political process and the market process is that

• A)the political process results in collective actions in which not everyone is required to participate, while in the market process individuals are obliged to participate.
• B)the political process results in collective actions in which everyone is obliged to participate, while in the market process individuals are free to participate or not.
• C)the political process results in collective actions that maximize economic surplus, while the market process may lead to efficiency losses.
• D)the political process results in collective actions in which everyone is made better off, while the market process results in actions that favor some groups only.

Calculate overhead assigned to products using traditional costing methods.

Calculate activity rates for various cost pools under activity-based costing.

Understand the impact of overhead allocation on product pricing.

Apply overhead to products under both traditional costing and activity-based costing methods.

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