The Labour Charge Per Hour in Time-And-Material Pricing Includes All

question 7

Multiple Choice

The labour charge per hour in time-and-material pricing includes all of the following except

• A)an allowance for a desired profit.
• B)charges for labour loading.
• C)selling and administrative costs.
• D)overhead costs.

---

Definitions:

Law of Supply

The economic principle stating that as the price of a good or service increases, the quantity supplied of that good or service will also increase, ceteris paribus.

Decreasing Opportunity Costs

A situation in which sacrificing less of one good to produce another becomes possible, often due to efficiencies or learning.

Marginal Utility

The extra pleasure or benefit gained by a person from consuming one more unit of a product or service.

Breast Milk

The milk produced by human breasts or mammary glands, specifically designed to feed babies and infants, containing essential nutrients for development.