In perfect competition, if the market price of the product is initially higher than the minimum average total cost faced by the firms, then rev: 06_26_2018 Multiple Choice some firms will exit the industry and the industry supply will increase. other firms will enter the industry and the industry supply will decrease. other firms will enter the industry and the industry supply will increase. some firms will exit the industry and the industry supply will decrease.

Warner inc. sells a high-speed retrieval system for mining information. it provides the following information for the year. budgeted actual overhead cost $965,700 $905,000 machine hours 58,570 49,200 direct labor hours 107,300 104,200 overhead is applied on the basis of direct labor hours. compute the predetermined overhead rate. predetermined overhead rate $ per direct labor hour link to text determine the amount of overhead applied for the year. the amount of overhead applied $