The Value of Ending Inventory Rounded to Nearest Dollar Using

question 77

Multiple Choice

The value of ending inventory rounded to nearest dollar using average cost is:

• A) $1,353
• B) $1,263
• C) $1,375
• D) $1,150

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Definitions:

Price-taker Market

A market situation where buyers and sellers accept the prevailing market price as they individually have no influence over it.

Short-run Market Supply

The total quantity of a good that producers are willing and able to sell at a given price over a short period.

Marginal Cost Curves

graphical representations that show how the cost of producing one additional unit of a good or service varies with the quantity produced.

Price Taker

A price taker is a firm or individual who has no power to influence the prices in a market, taking the prevailing prices as given.