Examlex
How did the three major television networks respond when they began to face competition from cable news in the 1980s?
Standard Material
The predetermined quantity and cost of materials expected to be used in producing a unit of product, used as a benchmark for cost control.
Materials Price Variance
The difference between the actual cost of materials and the expected (standard) cost of materials used in production.
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the expected quantity, which can affect costs.
Actual Price
The real price at which a transaction occurs, as opposed to an estimated or listed price.
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