1) Information is relevant in business decisions if it is a (n)
a. past revenue and it differs among alternatives
b. expected future revenue that differs from past revenue
c. expected future revenue or it differs from among alternatives
d. expected future revenue and it differs among alternatives
2) In perfect competition, the profit maximizing volume is the quantity at which
a. contribution margin equals fixed cost
b. price exceeds marginal cost
c. marginal cost equals price
d. marginal revenue equals price
3) The amount of actual operating income may differ from the static budget amount for operating income because
a. actual fixed costs were higher than expected fixed costs
b. actual output levels were not the same as in the static budget
c. actual variable costs were higher than expected variable costs
d. all of the above