Which of the Following Is Correct

question 73

Multiple Choice

Which of the following is correct?

• A)Workers determine the supply of labor,and firms determine the demand for labor.
• B)Workers determine the demand for labor,and firms determine the supply of labor.
• C)The labor market is a single market for all different types of workers.
• D)The price of the product produced by labor adjusts to balance the supply of labor and the demand for labor.

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Definitions:

Process Costing

A costing method used in industries where production is continuous and units are identical, assigning costs to units of product based on the process they go through.

Inventory

An asset that represents the total amount of goods and or materials a company holds for sale or production in the normal course of business.

Equivalent Units

A concept in process costing that converts partially completed units into a number of equivalent full units.

Direct Method

An approach used in cost accounting or cost allocation in which costs are directly assigned to cost objects, such as departments or products, without any allocation of indirect costs.