Use the Information Below to Answer the Following Question(s)

question 219

Multiple Choice

Use the information below to answer the following question(s) .
The following information for the past year for the Lambert Company has been provided:

During the year, the Lambert Company produced and sold 50,000 units of product at a sale price of $10.00 per unit. There was no beginning inventory of product at the beginning of the year.
-What is the contribution margin for the year at the Lambert Company?

• A) $94,000
• B) $293,000
• C) $301,000
• D) $500,000

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Definitions:

Empirical Economics

The branch of economics that analyzes data to understand and explain economic phenomena.

Economic Theories

Systematic frameworks for analyzing economic phenomena, developed to explain and predict economic patterns and behaviors.

Normative Statement

An assertion that expresses a value judgment or opinion about what ought to be, rather than what is empirically verifiable.

Post Hoc

A logical fallacy that assumes a cause-and-effect relationship simply because one event follows another in time.