For Fitter Snacker,the Sum of Direct Materials,production Overhead,and Direct Labor

question 24

Multiple Choice

For Fitter Snacker,the sum of direct materials,production overhead,and direct labor is the ____.

• A) COGM - cost of goods manufactured
• B) COGS - cost of goods sold
• C) COGP - cost of goods produced
• D) COGS - cost of goods shipped

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Definitions:

Marginal Cost

The extra expense resulting from the manufacture of an additional unit of a product or service.

Social Cost

The cost to society as a whole due to an activity, including both direct costs incurred and indirect effects (such as environmental damage or health impacts).

Marginal Cost

Marginal Cost is the additional cost incurred from producing one more unit of a good or service, an important concept in economics for decision-making regarding production levels.

Deadweight Loss

describes a loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is distorted by external factors like taxes or subsidies.