Use the correct number to designate each item below:
1) direct materials
2) selling and administrative expense
3) factory overhead
4) direct labor
Definitions:
Marginal Revenue (MR)
The additional financial gain a firm secures by selling one more unit of its product or service.
Purely Competitive
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and complete information, leading to price taking behavior.
Equilibrium Price
The market price at which the quantity of goods demanded equals the quantity supplied, leading to market stability.
Market Demand
The combined volume of a good or service that consumers in a marketplace are ready and capable of buying at assorted prices.
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