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What is meant by the term "activity" in activity-based costing (ABC)? How are costs allocated in ABC?
Marginal Revenue
The additional income that is generated from selling one more unit of a good or service.
Marginal Cost
The financial outlay for producing a subsequent unit of a product or service.
Market Price
The prevailing market rate at which a service or asset can be purchased or sold, influenced by the balance of supply and demand.
Marginal Cost
The additional cost incurred from producing one more unit.
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