1. Discuss the differences between cost of goods sold and the concept of relevant cost used in this chapter. Are there any situations in which selling, general, and administrative expenses,or research and development expenses might be considered as part of a firm's relevant costs?Explain.
2. How "perfectly" competitive do you think are the following markets: (1) stock market, (2) bond market, (3) foreign exchange market, (4) world sugar market, and (5) world oil market? Explain.