Other Things Equal,the Demand for a Good Tends to Be

question 5

Multiple Choice

Other things equal,the demand for a good tends to be more inelastic,the

• A)fewer the available substitutes.
• B)longer the time period considered.
• C)more the good is considered a luxury good.
• D)more narrowly defined is the market for the good.

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Definitions:

Total Direct Labor Variance

The difference between the actual cost of direct labor used to produce goods and the standard cost of direct labor expected for those goods.

Rate

A measure, quantity, or frequency, typically one measured against another quantity or measure.

Hours

Units of time, each equal to 60 minutes, used often as a measure for billing, labor, or scheduling.

Direct Labor Time Variance

The difference between the estimated time for direct labor to complete a task and the actual time taken, indicating efficiency or productivity issues.