Monopolies ________ Fair and ________ Efficient

question 304

Multiple Choice

Monopolies ________ fair and ________ efficient.

• A) are always; are not
• B) might be; are always
• C) might be; might be
• D) are always; are always
• E) are never; are always

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Definitions:

Work in Process

An inventory account that tracks the cost of products that are in production but not yet completed.

Direct Labor

The wages and benefits for employees directly involved in manufacturing a product.

Fixed Overhead

The portion of overhead costs that remains constant regardless of the level of production or business activity, such as rent, salaries, and insurance.

Work in Process

Inventory consisting of items in production that are not yet completed, part of the manufacturing process costs including labor, materials, and overhead.