In a Competitive Labour Market,an Increase in the Demand for Labour

question 92

Multiple Choice

In a competitive labour market,an increase in the demand for labour might be due to an increase in the

• A)supply of labour.
• B)wage rate.
• C)supply of the product that labour produces.
• D)demand for the product that labour produces.
• E)supply of the other factors.

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Definitions:

Overapplied

A situation where the allocated manufacturing overhead costs are more than the actual overhead costs incurred, resulting in a variance.

Underapplied

A situation where the allocated or overhead costs assigned to products or services are less than the actual overhead incurred.

Cost of Goods Sold

The total cost of manufacturing or acquiring a product or service that is sold to customers.

Job-Order Costing System

An accounting system that accumulates and assigns costs to specific jobs or batches of products, useful for customized orders.