The Standard Direct Labor Cost for Producing One Unit of Product

question 198

Multiple Choice

The standard direct labor cost for producing one unit of product is 5 direct labor hours at a standard rate of pay of $20. Last month 15000 units were produced and 73500 direct labor hours were actually worked at a total cost of $1350000. The direct labor quantity variance was

• A) $30000 unfavorable.
• B) $45000 unfavorable.
• C) $45000 favorable.
• D) $30000 favorable.

Understand the calculation and implications of the Herfindahl-Hirschman Index for industry concentration.

Differentiate between the competitive spectrum of oligopolies and perfect competition.

Analyze the pricing and profit differences between oligopolists and perfect competitors.

Grasp the role of game theory in strategic business decisions.

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Definitions:

Unconditional Positive Regard

A concept from humanistic psychology, referring to accepting and supporting someone regardless of what they say or do.

Nonjudgmental Acceptance

The practice of receiving or acknowledging without assessment of right or wrong.

Client-Centred

A therapeutic approach emphasizing the importance of understanding and valuing the client's perspective and feelings in the counseling process.

Economic Pressures

Financial stressors and constraints faced by individuals, families, communities, or countries, often leading to varied psychological and social outcomes.