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Which of the following is least likely to be an effect of scarcity?
Absorption Costing
An accounting technique that allocates all manufacturing costs to products, helping to capture the full cost of producing each item.
Total Period Cost
The sum of all expenses incurred by a business within a specific period, including both fixed and variable costs.
Absorption Costing
An accounting technique that integrates all costs associated with production, including direct materials, direct labor, and variable and fixed overhead costs, into the cost of a product.
Profit
The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.
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