All of the Following Variances Are Reported to the Production

question 94

Multiple Choice

All of the following variances are reported to the production department except the

• A)labour price variance.
• B)materials price variance.
• C)overhead controllable variance.
• D)labour price and materials price variances.

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Definitions:

Perfect Competitor

A theoretical market structure where numerous small firms sell identical products, and no single seller can influence the market price.

Monopolist

A monopolist is a sole provider of a good or service in a market, having the power to influence the price and quantity of the product.

Output Price

The price at which a product or service is sold in the market.

Monopolist

A single seller in a market with no close substitutes for the product, giving the seller market power.