Variable costs as a percentage of sales are equal to 100% minus the contribution margin ratio.

Where the long-run average total cost curve is at its lowest point,it is tangent to the _____ of the corresponding short-run average total cost curve.

A) minimum
B) maximum
C) right of the minimum
D) left of the minimum

Collecting banks give to a transferee the same basic warranties as those given by other parties who transfer commercial paper, except they also may give encoding warranties.

In a television advertisement for AFLAC supplemental health insurance, an ice skater says to his skating partner, "Do you want to try a triple jump?" She responds, "Why not, I have AFLAC." This response illustrates the

A) principal-agent problem.
B) adverse selection problem.
C) moral hazard problem.
D) free-rider problem.

The period between two successive peaks in a business cycle is called a contraction.

When variable costing is used,fixed production costs are included as part of inventory cost.