In the Long Run,in the Model of Monopolistic Competition,for a Typical

question 7

Multiple Choice

In the long run,in the model of monopolistic competition,for a typical firm,price is

• A)above average cost but equal to marginal cost.
• B)above marginal cost but equal to average cost.
• C)above marginal cost.
• D)equal to marginal cost and equal to or greater than average cost.

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Definitions:

Activity-Based Costing

A costing method that assigns overhead and indirect costs to related products and services based on the amount of activities they use.

Activity-Based Costing

An accounting method that identifies the activities that a firm performs and then assigns indirect costs to products based on the benefit received from those activities.

Activity-Based Costing

A method of cost accounting that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each.

Product Q1

Designates the first quarter's product or output in a company's fiscal year.