New Smartphone Applications Are Developed to Help Consumers Find the Cheapest

question 51

Multiple Choice

New smartphone applications are developed to help consumers find the cheapest prices in the neighborhood.As a result,

• A)firms get greater market power.
• B)consumers' search costs are greatly lowered.
• C)firms are able to charge higher prices.
• D)only smart markets become more competitive.

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Definitions:

Job Order Cost System

An accounting system that accumulates costs by individual jobs when the products or services are distinguishable from each other.

Time Tickets

Documents or electronic records used to track the amount of time an employee spends on a specific job or project.

Job Cost Sheets

Documents that track the direct materials, direct labor, and manufacturing overhead for a specific job, used in job costing systems.

Direct Labor

Costs associated with the labor directly involved in the production of goods or services.