Examlex
Companies that use process-costing systems will incur variances if they do NOT incorporate the use of the standard-costing method.
MR (Marginal Revenue)
The increase in revenue that results from selling one additional unit of a product or service.
MC (Marginal Cost)
The additional cost incurred in producing one more unit of a good or service.
Downward-Sloping Demand
A representation of the relationship between price and quantity demanded, indicating that as price decreases, demand increases.
Reasonable Substitutes
Alternative products or services that can satisfactorily replace others, meeting the same needs or wants.
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