Figure 10-8 
-Refer to Figure 10-8. What is the socially-optimal quantity of output in this market?
Definitions:
Overapplied
A situation where the overhead costs applied to products or services exceed the actual overhead costs incurred.
Adjusted Cost of Goods Sold
The cost of goods sold after adjustments for changes in inventory levels and other factors affecting cost of goods sold.
Year
A period of 365 or 366 days, in the Gregorian Calendar, divided into 12 months, used for calculating time.
Net Operating Income
The total profit of a business after operating expenses are subtracted from gross profit but before taxes and interest are deducted.
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