Economists ________ That Price Controls Are Desirable

question 189

Multiple Choice

Economists ________ that price controls are desirable.

• A)are in agreement
• B)are reluctant to state
• C)never believe
• D)only recently agree

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Definitions:

Variable Costing

A costing method that includes only variable manufacturing costs—direct materials, direct labor, and variable manufacturing overhead—in unit product costs.

Fixed Manufacturing Overhead

Costs that do not change with the level of production output and are essential for the manufacturing process, such as rent, property taxes, and salaries of permanent staff.

Unit Product Cost

The cost associated with producing a single unit of output, including direct materials, direct labor, and allocated overhead costs.

LIFO

"Last In, First Out," an inventory valuation method where the most recently produced or purchased items are the first to be expensed.