Variances from Standards Are

question 118

Multiple Choice

Variances from standards are

• A) expressed in total dollars.
• B) expressed on a per-unit basis.
• C) expressed on a percentage basis.
• D) all of these.

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Definitions:

Market Output

The total amount of goods or services produced and offered for sale by businesses in a particular market.

External Costs

Costs that are not borne by the producer or consumer of a good or service but by society, such as pollution.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where market supply and demand balance each other.