If the entry or exit of firms does not affect the resource prices in an industry, we refer to it as a

A) fixed-price industry.
B) price-controlled industry.
C) constant-cost industry.
D) price-taking industry.

Which of the following costs will not affect cost of goods sold?

A) Inventory inspection costs.
B) Inventory preparation costs.
C) Inventory-related selling costs.
D) Freight charges incurred to bring inventory to the warehouse.

A _____ is a contract that reimburses the contractor for costs but the profit is a fixed amount.

A) cost reimbursable contract with a percentage fee
B) fixed price with an incentive fee
C) fixed total cost
D) fixed price with price adjustment
E) cost reimbursable contract with a fixed fee

Consideration tends to be an effective leadership behavior when employees feel that strong status differences should not exist between them and their leader.

Which of the following characteristics do merchandisers have?
i. They trade in physical products.
ii. They do not hold inventories.
iii. They purchase goods for resale.
iv. Their outputs have low customisation.

A) All the given answers
B) i, ii and iii
C) i, iii and iv
D) ii, iii and iv

Generally accepted accounting principles require companies to use only one factory overhead rate for product costing.