Job Costing

question 127

Multiple Choice

Job costing:

• A)allocates an equal amount of cost to each unit made during a time period.
• B)records the flow of costs for each customer.
• C)is commonly used when each unit of output is identical.
• D)can only be used in manufacturing.

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Definitions:

Industry Demand Curve

A graphical representation showing the quantity of a product that consumers in an industry are willing and able to purchase at each price over a period of time.

Labor Demand Curves

Graphs showing the relationship between the wage rate and the quantity of labor that employers are willing to hire at that rate.

Competitive Labor Market

A market where there are many employers and job seekers, and the wages are determined by supply and demand for labor.

Marginal Revenue Product

The additional revenue a firm generates by employing one more unit of input, like labor, in the production of goods or services.