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It is possible for a competitive firm that is maximizing profits in the short run to make its profits even bigger in the long run by expanding its plant, assuming that the product price stays the same.
Direct Labor-Hours
The total hours of labor directly involved in the production of goods.
Activity-Based Costing
A costing methodology that assigns overhead and indirect costs to specific products or services based on the activities that contribute to these costs.
Overhead
The indirect costs of running a business that cannot be directly linked to a specific product or service, such as utilities, rent, and administrative expenses.
Activity Rate
The predetermined overhead rate used in activity-based costing to assign overhead costs to products or services based on a specific activity.
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