A Standard Cost Is

question 156

Multiple Choice

A standard cost is

• A) a cost which is paid for a group of similar products.
• B) the average cost in an industry.
• C) a predetermined cost.
• D) the historical cost of producing a product last year.

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Definitions:

Automatic

Operating by itself with minimal human intervention, typically through pre-established instructions or programs.

System 2

Described in cognitive psychological theory, it refers to the deliberate, effortful, and analytical mode of thinking, as opposed to fast, automatic thought processes.

Focusing

The act of prioritizing and dedicating attention to specific tasks or objectives to improve efficiency and achieve better outcomes.

Crowded

A term describing a market or sector that is saturated with competitors, making it difficult for new entries to gain a foothold.