Standard Cost for Actual Output Is Also Called The

question 65

Multiple Choice

Standard cost for actual output is also called the:

• A) flexible budget
• B) static budget
• C) master budget
• D) quantity variance

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Definitions:

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.

Perfectly Inelastic Demand

A situation in which the demand for a product does not change as the price changes.

Perfectly Elastic Supply

describes a market situation where the quantity supplied can change infinitely in response to any change in price.

Elastic Demand

A situation where the demand for a product significantly changes in response to changes in the product's price.