In the Long Run, All of a Firm's Costs Are

question 580

Multiple Choice

In the long run, all of a firm's costs are variable. In this case the exit criterion for a profit-maximizing firm is to shut down if

• A)price is less than average total cost.
• B)price is greater than average total cost.
• C)average revenue is greater than average fixed cost.
• D)average revenue is greater than marginal cost.

Comprehend the process of recording merchandise returns and allowances.

Calculate sales amounts under different payment terms and discounts.

Distinguish between perpetual and periodic inventory systems and their impact on accounting records.

Recognize the recording processes for sales on account, including returns and discounts.

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Definitions:

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