A Movement Along a Supply Curve Is Called a Change

question 133

True/False

A movement along a supply curve is called a change in supply while a shift of the supply curve is called a change in quantity supplied.

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Definitions:

Product Costs

All costs that are involved in acquiring or making a product. In the case of manufactured goods, these costs consist of direct materials, direct labor, and manufacturing overhead. Also see Inventoriable costs.

Manufacturing Costs

Expenses directly related to the production of goods, including direct materials, direct labor, and manufacturing overhead.

Contribution Margin

The difference between sales revenue and variable costs of a product or service, used to cover fixed costs and generate profits.

Cost Of Goods Sold

The total direct costs attributable to the production of the goods sold in a company.