Grayson Industries Has Collected the Following Data for One of Its

question 17

Multiple Choice

Grayson Industries has collected the following data for one of its products:

-What is the total actual cost of the direct materials used at Grayson Industries?

• A) $20,000
• B) $48,000
• C) $58,000
• D) $38,000

---

Definitions:

Value Of Land

The worth of a piece of land determined by its characteristics, location, and potential uses.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.

Elastic

A characteristic of demand or supply indicating a high responsiveness to changes in price.

Pure Rent

Income received by a landowner for the use of a natural resource, land, or location that is essentially in fixed supply.