Multiple Choice
The following data relates to Black-Out Company's estimated amounts for next year. 
What is the company's plantwide overhead rate if machine hours are the allocation base? (Round your answer to two decimal places.)
Identify the short-run supply curve of a purely competitive firm and its relation to marginal cost and average variable cost.
Understand the concept of elasticity of demand as it applies to purely competitive markets.
Distinguish between the market demand curve and the demand curve faced by an individual firm in pure competition.
Understand the demand curve characteristics for purely competitive firms and industries.
Definitions:
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