When There Is a Surplus of Snowboards, the

question 69

Multiple Choice

When there is a surplus of snowboards, the

• A)price rises to restore the equilibrium.
• B)demand for snowboards is greater than the supply of snowboards.
• C)supply of snowboards is greater than the demand for snowboards.
• D)quantity of snowboards supplied is greater than the quantity of snowboards demanded.
• E)quantity of snowboards demanded is greater than the quantity of snowboards supplied.

---

Definitions:

Labor Rate Variance

The difference between the actual hourly wage rate paid to workers and the expected or standard rate, affecting production costs.

Labor Rate Variance

The variance between the real hourly wage workers receive and the anticipated or usual wage rate, when multiplied by the total hours of work.

Labor Efficiency Variance

The variance between the real hours spent working and the anticipated standard hours, times the normal wage rate.

Standard Hours

The predetermined amount of time expected to complete a task or produce a unit of product under normal conditions.