Which of the Following Is Not Correct

question 44

Multiple Choice

Which of the following is not correct?

• A)When a union is present in a labor market,wages are not determined by the equilibrium of supply and demand.
• B)Like any cartel,a union is a group of sellers acting together in the hope of exerting their joint market power.
• C)The process by which unions and firms agree on the terms of employment is called a strike.
• D)Most workers in the U.S.economy are not members of a union.

Recognize the principles of consistency and full disclosure in inventory valuation.

Identify items that should or should not be included in merchandise inventory.

Distinguish the advantages and disadvantages of different inventory valuation methods.

Appreciate the significance of the cost-flow assumption in inventory management.

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Definitions:

Total Fixed Costs

The sum of all costs that do not change with the level of production or sales over a certain period.

Unit Fixed Costs

The fixed costs associated with producing a single unit of product, which remain constant regardless of the level of production or sales volume.

Period Cost

Costs that are not directly tied to the production of goods and are expensed in the period they are incurred, such as selling, general, and administrative expenses.

Product Cost

The total cost associated with making or acquiring a product, including materials, labor, and overhead.