Examlex
A market is productively efficient if the price of a product equals the minimum average cost.
Standard Price
A pre-determined cost allocated to a single unit of product or service, used for budgeting and performance evaluation.
Ideal Standards
Standards that assume peak efficiency at all times.
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the expected (standard) quantity, multiplied by the standard cost of those materials.
National Distribution
The process of distributing products or goods across an entire country, often involving multiple transportation and logistics strategies.
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