The "Law of Demand" Indicates That If the University of Maine

question 40

Multiple Choice

The "law of demand" indicates that if the University of Maine increases tuition, all other things
Remaining the same,

• A)the demand for classes will increase at the University of Maine.
• B)the quantity of classes demanded will increase at the University of Maine.
• C)the demand for classes will decrease at the University of Maine.
• D)the quantity of classes demanded will decrease at the University of Maine.
• E)both the demand for and the quantity of classes demanded will decrease at the University of Maine.

---

Definitions:

Fixed Overhead Budget

A financial plan that estimates the fixed costs needed to produce goods or services over a specific period.

Volume Variance

The difference between the expected (budgeted) volume of activity and the actual volume, and its impact on the budgeted costs.

Control

The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change.

Budgets

A financial plan for a defined period, often one year, detailing projected revenues and expenses.