For external reporting purposes, U. S. GAAP allows companies to use:
A. the variable costing format.
B. only the absorption costing format of the income statement.
C. either the absorption costing format or the contribution margin format.
D. only the contribution margin format of the income statement.

In the supply-and-demand schedule shown above, at the lowest price of $50, producers supply music players and consumers demand music players.

Which of the following is a function performed by market prices? a. market prices communicate information to buyers and sellers. b. market prices coordinate the decisions of buyers and sellers. c. market prices motivate entrepreneurs to produce those products that are currently most desired relative to their costs of production. d. all of the above are functions performed by market prices.

If big macs were a durable good that could be costlessly transported between countries, which of the following would present an arbitrage opportunity? check all that apply. exporting big macs from argentina to the united states. exporting big macs from the united kingdom to poland. exporting big macs from switzerland to china