In a Competitive Market,the Quantity of a Product Produced and the Price

question 31

Multiple Choice

In a competitive market,the quantity of a product produced and the price of the product are determined by

• A)buyers.
• B)sellers.
• C)both buyers and sellers.
• D)None of the above is correct.

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Definitions:

FIFO

First-In, First-Out, an inventory valuation method that assumes the oldest items are sold first.

Units

The basic quantitative measure used in accounting to represent transactions or balances, often referring to production or sales volumes.

Gross Profit

The difference between revenue and the cost of goods sold before deducting overheads, payroll, taxation, and interest payments.

LIFO

Last In, First Out, an inventory valuation method where the goods purchased or produced last are the first to be expensed.