In a Competitive Market, the Demand Curve Shows the ________

question 4

Multiple Choice

In a competitive market, the demand curve shows the ________ received by consumers and the supply curve shows the ________.

• A)utility; average cost.
• B)marginal benefit; marginal cost
• C)economic surplus; opportunity cost
• D)net benefit; net cost

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Definitions:

Service Department Costs

Expenses associated with departments that do not directly produce goods but provide support services, such as maintenance or security.

Operating Departments

Units or sectors within a business that are directly involved in performing the main function or activity of the organization.

First-In, First-Out Method

An accounting method for valuing inventory that assumes goods are sold in the order in which they are purchased or produced.

Equivalent Units

A concept in cost accounting used to allocate costs to partially completed goods, treated as if they were whole units.