The figure given below shows the aggregate demand and supply curves of a perfectly competitive market.Figure 10.7
-In the long-run, the entry of new firms in a competitive market shifts the aggregate supply curve to the left.
Definitions:
Predetermined Overhead Rate
A calculated rate intended for the allocation of manufacturing overhead to products, based on a specific activity or cost driver.
Machine-Hours
A unit of measure representing the operation of a machine for one hour, often used in manufacturing for costing purposes.
Machining Department
A specific section within a manufacturing facility where machining processes such as cutting, shaping, and drilling materials take place.
Finishing Department
The last stage in the manufacturing process where products are completed, inspected, and prepared for sale or distribution.
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