Standard Costs

question 175

Multiple Choice

Standard costs

• A) may show past cost experience.
• B) help establish expected future costs.
• C) are the budgeted cost per unit in the present.
• D) all of these.

---

Definitions:

Indifference Curves

represent combinations of two goods that provide the same level of utility or satisfaction to a consumer, illustrating their preferences.

Budget Constraints

The limitations on the consumption bundles that a consumer can afford given their income and the prices of goods and services.

Utility

A measure of satisfaction or pleasure derived from consuming products or services.

Money Income

The total amount of monetary earnings received by an individual or household, including wages, salaries, investments, and other income sources.