If the Standard to Produce a Given Amount of Product

question 131

True/False

If the standard to produce a given amount of product is 600 direct labor hours at $17 and the actual was 500 hours at $15, the time variance was $1,500 unfavorable.

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Definitions:

Monopsonist

A market condition in which there is only one buyer for a particular product or service.

Labor Market

The supply and demand for labor, where employers seek workers and employees seek jobs.

Workers Hired

The number of employees that a company or organization employs or brings onboard to perform specific jobs.

Labor Demand Curve

A graphical representation showing the number of workers that businesses are willing and able to hire at different wage rates.