Beginning in 2009, the SEC Mandated the Use of XBRL

question 78

Multiple Choice

Beginning in 2009, the SEC mandated the use of XBRL for SEC filings for

• A)Selected large publicly held companies
• B)All privately held companies
• C)Selected large privately held companies
• D)All publicly held companies

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Definitions:

Allocative Efficiency

An economic state where resources are allocated in a way that maximizes the net benefit to society.

ATC

Another term for Average Total Cost, it represents the per unit cost of production, calculated by dividing total production cost by the quantity of goods produced.

Profit-Maximizing

A firm's objective of adjusting outputs and pricing to achieve the highest possible profit.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing to buy at each price point.