A Small Adjustment in a Choice Is Called

question 33

Multiple Choice

A small adjustment in a choice is called

• A) A marginal change
• B) An incremental change
• C) A positive change
• D) A net change

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of goods sold by a company, including materials and labor.

Average Number

A value found by adding all numbers in a set together and then dividing by the quantity of numbers in that set.

Inventory

The unfinished materials, items in production, and completed products that form part of a company's assets, which are available for sale or will soon be.

LIFO Reserve

The difference between the cost of inventory calculated under the Last-In, First-Out method and its cost under the First-In, First-Out method.