Which of the Following Is True of a Market Demand

question 34

Multiple Choice

Which of the following is true of a market demand curve?

• A)It might slope upward if the typical consumer has an upward-sloping individual demand curve.
• B)It can never slope upward.
• C)It will slope upward if at least one consumer has an upward-sloping individual demand curve.
• D)It will slope upward if individual demand curves are inelastic.

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Definitions:

Process Costing

An accounting methodology that traces and accumulates direct costs, and allocates indirect costs of a manufacturing process, to determine the cost of each product.

Processing Department

An organizational unit where work is performed on a product and where materials, labor, or overhead costs are added to the product.

Equivalent Units

A measure used in cost accounting to express the amount of work done by employees and machines in terms of fully completed units of output.

Ending Inventory

The total value of all inventory, including raw materials, work-in-process, and finished goods, at the end of an accounting period.