What Do American Drivers on Congested Roads and Soviet Shoppers

question 453

Multiple Choice

What do American drivers on congested roads and Soviet shoppers waiting in line to purchase clothing have in common?

• A)Both the American drivers and the Soviet shoppers are consuming products at prices that do not represent the full costs of the products.
• B)Both the American drivers and the Soviet shoppers can purchase as much as they want at the market price.
• C)Both the American drivers and the Soviet shoppers could avoid waiting if the prices were lowered.
• D)American drivers and Soviet shoppers have nothing in common.

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Definitions:

Direct Material Cost

The cost of raw materials and components that are directly used in the production of a product.

Labor Quantity Variance

The difference between the actual hours worked and the standard hours allowed for the work performed, multiplied by the standard hourly wage rate.

Produced

The completed output of goods or services as a result of manufacturing or production processes.

Materials Price Variance

The difference between the actual cost of materials used in production and the expected (or standard) cost of those materials.