The Unit Standard Cost Is

question 68

Multiple Choice

The unit standard cost is

• A)the product of the standard price times the standard quantity for each unit.
• B)the price standard for each unit.
• C)the actual cost for a standard product.
• D)the amount of actual cost to produce a unit in a standardized process.

---

Definitions:

Production Possibilities Curve

A graphical representation that shows the maximum possible output combinations of two goods that an economy can achieve with its existing resources and technology under full employment.

Alternative Good

A product that consumers can use in place of another; often considered when examining choices or preferences in consumption.

Scarcity

The primary economic challenge is the existence of boundless human demands and necessities within a finite supply of resources.

Technology Advances

Progressive developments and improvements in technology that enhance productivity, efficiency, and the quality of goods and services.