Why Is Managerial Judgement Critically Important in Gathering Information About

question 19

Multiple Choice

Why is managerial judgement critically important in gathering information about costs?

• A)It is important in determining cost behaviour.
• B)It helps to broaden statistical estimation results.
• C)Costs are enhanced by only by new managers.
• D)It is necessary to understand revenues.

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Definitions:

Consumers

Individuals or groups who use goods and services generated within the economy, contributing to demand.

Perfectly Elastic

This term refers to a situation in demand or supply where the quantity demanded or supplied responds infinitely at a particular price level.

Excise Tax

A type of tax imposed on specific goods, services, or transactions, often with the intent of discouraging their use or consumption, or to raise revenue.

Downward-Sloping

A term typically used in economics to describe a curve or line on a graph that represents a decrease in one variable as another variable increases, often used to describe demand curves.