-The Above Figure Shows the Cost Curves for a Competitive

question 1

Multiple Choice

-The above figure shows the cost curves for a competitive firm.If the market price is $15 per unit,the firm will earn profits of

• A) $0.
• B) $4.
• C) $40.
• D) $160.

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Definitions:

Direct Labor Dollars

The total cost of workforce labor that is directly involved in the manufacturing or production of goods and services.

Finished Goods Inventory

The total value of all completed products that are ready for sale at the end of an accounting period, part of a company's current assets.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including the cost of the materials and labor directly used to create the good.

Material

Substantial or significant; in accounting, referring to an amount that would influence the decision of an informed user.