Use the Following to Answer Question

question 22

Multiple Choice

Use the following to answer question:
-(Figure: The Market for Beats by Dre) Use Figure: The Market for Beats by Dre.Assume that S_d represents the domestic supply curve and D_d represents the domestic demand curve.If the world price equals $100 and there is free trade,this country:

• A)will import 150,000 Beats by Dre.
• B)will export 150,000 Beats by Dre.
• C)has a domestic supply equal to 250,000 Beats by Dre.
• D)has a domestic demand equal to 100,000 Beats by Dre.

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Definitions:

Hourly Rates

The amount charged or paid for each hour of labor or service.

Labor Efficiency Variance

The difference between the expected amount of labor hours to complete a task and the actual hours used, indicating efficiency in labor use.

Standard Labor Rate

A predetermined rate used to allocate labor costs to products or services, based on the expected or average wage rate for labor.

Employment Taxes

Taxes that employers are required to pay on behalf of their employees, such as social security and Medicare taxes.