Multiple Choice
Figure 21-14 
-Refer to Figure 21-14. Suppose the price of good X is $8, the price of good Y is $10, and the consumer's income is $360. Then the consumer's optimal choice is to buy
Recognize how price and quantity variances are calculated.
Interpret budget performance reports.
Understand the concept of standard costs and their application.
Distinguish between favorable and unfavorable variances.
Definitions:
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