Use the following information for the next 3 questions.
General Mtg. Co. budgeted fixed overhead costs of $25,000 per quarter and 1,000 units per quarter in its normal absorption costing system. Any volume variance is carried forward and closed at year end. The company experienced the following activity: 
-The volume variance in quarter 1 was
Definitions:
Industry Supply Curve
A graphical representation showing the relationship between the price of a good and the total output supplied by all firms in the industry.
Production Function
A mathematical model that describes the relationship between the quantities of productive inputs used and the amount of output produced.
Competitive Industry
A market scenario where multiple firms produce similar products, leading to high levels of competition.
Short-Run Industry Supply
The total quantity of goods that firms in a particular industry are willing and able to sell at different prices in a short period, with some factors held constant.
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