Knowing Specific Job Costs Enables Managers to Effectively Perform Which

question 63

Multiple Choice

Knowing specific job costs enables managers to effectively perform which of the following tasks?

• A)estimate costs of future jobs.
• B)establish realistic job selling prices.
• C)evaluate job performance.
• D)all answers are correct.

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Definitions:

Inelastic

A term describing a situation in which the quantity demanded or supplied of a good or service is relatively unresponsive to changes in price.

Elastic

Describes a situation in which the demand for a good or service significantly changes in response to changes in price.

Elastic

Describes a situation where the demand for a product or service significantly changes in response to a change in its price.

Price Elastic

Relating to the responsiveness of the demand or supply of a good or service to changes in its price.